Belvo, an open finance platform, has partnered with Mibanco, a leading microfinance institution in Latin America. The goal of the partnership is to leverage open finance to assess the borrowing capacity of Mibanco customers in Colombia.
Open finance is a model of financial services that allows individuals to securely share their financial data with authorized institutions. Facilitated by the new Colombian legislation, this model democratizes access to financial services.
“We at Belvo are excited to see how more and more financial entities in Colombia are embracing open finance models for their positive impact in reducing the gap in access to financial services.
“We believe the possibilities are endless, and we will see more and more inspiring examples like this where technology is used to expand financial opportunities for citizens,” explained David Ballesteros, General Manager of Belvo in Colombia.
Through the Belvo platform, Mibanco customers can securely share their daily financial data with digital wallets and other banks, in compliance with the new legislation of this South American country.
“At Mibanco, we are convinced that technology and access to information are significant enablers for financial inclusion in Colombia. This collaborative work fills us with satisfaction as it contributes to our goal of making it easier for more people in the country to access the financial system.
“Aspiring to a source of financing tailored to their needs, and thus continuing to write progress stories together for them and their families,” stated Manuel Bustamante, Deputy General Manager of Mibanco Colombia, a company of the Credicorp Group.
Belvo was founded in 2019 with the aim of building the necessary technological infrastructure for financial institutions to create new financial experiences for their users.
“We are transforming the complexities of the financial ecosystem into a set of tools to access and interpret data and move money smoothly and securely,” says Belvo in its mission.
