Belvo, an open finance platform, teamed up with Mibanco, a leading microfinance bank in Latin America. The partnership aims to leverage open finance to assess the borrowing capacity of Mibanco’s clients in Colombia.
Open finance is a financial services model that allows individuals to share their financial data securely with authorized institutions. Enabled by new Colombian legislation, this model democratizes access to financial services by providing a secure platform for data exchange between consumers and financial entities.
“More financial institutions in Colombia are adopting open finance models due to their positive impact on reducing the gap in access to financial services,” said David Ballesteros, General Director of Belvo in Colombia.
Through the Belvo platform, Mibanco clients can securely share daily financial data with digital wallets and other banks, in compliance with new Colombian legislation.
Read more at belvo.com