Colombia Launches its Mandatory Open Finance System

Source: Brigard Urrutia

On April 7, 2026, the Ministry of Finance signed Decree 368, establishing Colombia’s mandatory Open Finance System (SFA) framework and amending Decree 2555 of 2010. The country thereby makes the definitive transition from a voluntary scheme (in force since Decree 1297 of 2022) to a mandatory one, pursuant to Article 89 of Law 2294 of 2023 (National Development Plan). 

The decree requires credit institutions, SEDPEs, trust companies, securities brokers, pension fund managers, investment management companies, insurers, collaborative financing entities, and other EOSF-regulated entities to share three categories of data with authorized third-party recipients: (i) information on products and services held by the data subject; (ii) information related to the client onboarding process; and (iii) general information on products and services offered by participating entities. Access to the first two categories requires prior, express, and informed consent from the data subject, which may be revoked or updated at any time.