Open Banking in Brazil and Mexico: What It Means for Fintech Sales Strategy
As Open Banking transforms financial services across the globe, Latin America is becoming a key region of innovation. Brazil and Mexico, the region’s two largest economies, are each embracing data-sharing frameworks that promise to reshape how financial products are built, accessed, and sold.
For fintech companies targeting these markets, understanding each country’s Open Banking landscape is crucial. It not only impacts product development and partnerships but also redefines how sales strategies must be localized and executed.
What Is Open Banking And Why It’s Reshaping LATAM’s Financial Landscape
Open Banking is a regulatory model that requires banks to share customer data with third-party providers securely and with user consent. The goal is to foster competition, promote innovation, and improve financial inclusion by giving users more control over their financial information.
In Latin America, Open Banking is especially impactful. With many still underserved by traditional banks, it enables fintechs to build smarter, more accessible solutions. At the same time, it’s accelerating digital transformation, pushing financial institutions to modernize and rethink how they deliver value.
A Tale of Two Markets: Brazil vs. Mexico’s Approach to Open Banking
Brazil: Structured, Fast-Moving, and Broad in Scope
Brazil has emerged as a regional leader in Open Banking with a structured, government-led rollout. Since 2021, the Central Bank has expanded the initiative into Open Finance, now covering data across banking, payments, insurance, and investments.
The ecosystem is supported by clear regulation and widespread API adoption. For fintechs, this creates a mature and scalable environment to build data-driven products and integrate seamlessly with traditional players. Combined with regulatory clarity, these conditions also foster a strong environment for investment, attracting both local and international players eager to participate in Brazil’s fintech evolution.
Mexico: Slower Rollout, but Strong Long-Term Potentia
Mexico was the first in the region to introduce Open Banking through its 2018 Fintech Law. But while the legal framework exists, implementation has lagged, with many institutions still unprepared to offer standardized APIs.
Despite the slower pace, the market holds strong potential. Fintechs that can navigate regulatory ambiguity and focus on underserved sectors can gain early-mover advantages as Open Banking adoption progresses.
Opportunities for Fintechs: New Avenues for Products, Partnerships, and Personalization
Open Banking creates new opportunities for fintechs to develop more personalized solutions such as smarter credit scoring, real-time financial tools, and embedded services that integrate naturally into users’ everyday lives. This leads to faster, more intuitive experiences that truly meet user needs.
It also paves the way for strategic partnerships. Fintechs can now work closely with banks, data aggregators, and other players to design localized products that align with regulations while delivering on rising customer expectations.
How Customer Expectations Are Shifting in the Era of Open Banking
Open Banking is changing what users expect from their financial services. Consumers in Brazil and Mexico increasingly want transparency, speed, and personalized experiences powered by the data they choose to share.
To stand out, fintechs must go beyond offering functionality. The winners will be those that use data responsibly, communicate clearly, and deliver services that feel intuitive, relevant, and safe.
Key Challenges When Selling Fintech Solutions in Brazil and Mexico
Despite the momentum of Open Banking, selling fintech products in Brazil and Mexico still presents challenges. Regulations vary, technical readiness is uneven, and cultural differences can impact how solutions are received and trusted.
For fintech teams entering the region, understanding these barriers is essential. The good news is that with a localized strategy and informed messaging, these obstacles can become opportunities for differentiation.
Different Rules in Brazil and Mexico
Brazil has a well-defined Open Finance roadmap, while Mexico’s implementation remains slow and fragmented. Fintechs must navigate each country’s unique regulations and adjust their sales pitch accordingly.
Low Trust in Data Sharing
Users are still cautious about allowing third parties to access their financial data. Building trust through clear messaging, strong privacy practices, and local partnerships is key to gaining traction.
API Integration Can Be Tough
API maturity varies widely across institutions, especially in Mexico. This can delay integrations and complicate the onboarding experience for both fintechs and end users.
Strong Local Competition
Domestic fintechs often understand the market better and have pre-established relationships. To compete, foreign entrants must clearly communicate their unique value and local commitment.
Aligning Your Sales Strategy With the Open Banking Ecosystem
Open Banking is not just a compliance topic, it’s a sales enabler. Fintechs that align their sales strategy with the Open Banking value chain can better demonstrate their relevance and unlock deeper customer conversations.
This means showing how your product integrates with local APIs, supports regulatory goals, or enhances customer control and personalization. Sales messaging should connect business impact with Open Banking principles.
Building the Right Partnerships in an Open Finance World
Partnerships are becoming essential in the Open Banking ecosystem. From banks and payment processors to data aggregators and credit bureaus, collaboration drives faster scaling and greater user trust.
Choosing the right partners means more than technical compatibility. It’s about shared compliance standards, cultural fit, and joint go-to-market potential that supports long-term growth in the region.
Local Compliance, Global Messaging: The Balance Fintech Sales Teams Must Strike
Fintechs expanding into Latin America must tailor their messaging for local markets without losing their global brand identity. Regulatory nuance and cultural preferences should shape how you communicate your value.
Successful sales teams balance global consistency with local precision. That means adapting not just language, but tone, content formats, and the pain points you prioritize in your outreach.
Ready to Sell Smarter in LATAM? Unlock LatAm Can Help
Unlock LatAm specializes in helping international fintechs navigate the complexity of Latin American markets. From outbound sales strategy to campaign execution, we build localized, compliance-aligned outreach that gets results.
If you’re ready to scale smarter in Brazil, Mexico, or beyond, let’s talk. We’ll help you turn Open Banking momentum into meaningful growth one qualified lead at a time.
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