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Open Banking Regulations in Mexico with CNBV


Ahead of the LatAm Open Banking Virtual Summit, we had a virtual tea with the Head of Regulation at the National Banking and Securities Commission of Mexico (CNBV), Mr Gilberto Perez. He filled us in on the recent Open Banking regulations published by CNBV and the impact of COVID-19 on Open Banking initiatives in Mexico.


CGG: Can you tell us about the first set of regulations published by CNBV in June regarding Open Banking in Mexico? 

GAPH: They were published on June 4th, 2020 and they are related with the standardization and sharing of open data (specifically, the location and services offered by ATMs), for the time being.

In Mexico, we have divided the implementation of the open banking regulation in three stages, the first one was that mentioned above, and we are currently working in the second phase, related with the standardization of transactional data. In this case, we are talking about the data related with the movements in the deposit accounts managed by banks, financial cooperatives and microfinance institutions (that’s why in Mexico we prefer to say open finance instead of open banking, considering that the regulation will apply to all the financial institutions operating in the country).

The phase 3 of open banking/finance is scheduled for 2021 and will include the standardization of the transactional data of credit.


CGG: In your opinion, how will the “new normal” post-Covid environment impact Open Banking initiatives across the region?

GAPH: COVID-19 has already affected the labour of the regulators. At least in Mexico, we had to delay the publishing of the first stage of the regulation, as we had to work on the regulatory flexibilities that have helped financial institutions during this crisis. The rules were programmed to be published in March 2020 and they were issued in June 2020.

However, in as much as the COVID-19 crisis is more controlled, the jurisdictions will start to work again in their open banking initiatives and will start to publish them. Very soon these initiatives will be working and helping people to get more customized financial products.


CGG: Tell us a little about what you will be presenting at the Virtual Forum.

GAPH: In my presentation, I will be covering:

  • the status of the open banking initiative in Mexico,

  • the origins of the regulation and its relationship with the Mexican FinTech Law,

  • the kind of data that can be shared according to the mentioned law,

  • the participation of other authorities (such as the central bank),

  • the phases in which we have divided the project and

  • the expected benefits for the users of the financial services.


CGG: Is there a session/s that you’re looking forward to attending at the Forum?

GAPH: All of them, if possible! 😊

I am especially interested in hearing my colleagues (regulators) from other countries of Latin America, their vision about open banking and how they are planning to implement it, with special attention to the risks they are identifying and how they try to mitigate them.


For more information about LatAm Open Banking Virtual Forum, to register and to download the agenda: Click Here


About Gilberto:

Gilberto Perez is the Head of Regulation at the National Banking and Securities Commission of Mexico. He is responsible for the regulation that applies to banks, non-bank banks, microfinance institutions, financial cooperatives, credit unions, brokerage houses and FinTech Institutions. Regarding FinTech, he was part of the working group that developed the Mexican FinTech Law in 2018, and since then he worked in the issuing of the secondary regulation derived from the FinTech Law, such as cybersecurity regime, use of electronic devices, business continuity plan, limits for the funding or raising funds in crowdfunding platforms, requirements to get the authorization as a FinTech Institution, among other topics.

Currently, he is working in the issuing of the open banking regulation; as well as the revision of the regulatory framework that applies to the hiring of banking agents, in order to make it easier; an updating of the regulation for the online identification (in order to open accounts and get credits), and the alignment with the international prudential standards (Basel).

Previously, Mr. Perez worked in commercial banks, in areas of development of credit products for SMEs and mortgages.

Gilberto Perez has a bachelor’s degree in economics from the Mexican Autonomous Technological Institute (ITAM), and also has postgraduates’ studies in statistics also from ITAM and from The University of Warwick in the UK.



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