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Raidiam Advise Supports Open Banking in Bolivia

Recently, Raidiam’s Advise team had the privilege of engaging in depth with Bolivia’s financial supervisory regulator Autoridad del Sistema Financiero (ASFI), and with the country’s wider financial industry. With them, we explored how open banking could support further development of the country’s economy, through increasing financial inclusion and stimulating further innovation.

Introducing Open Banking to Bolivia

Raidiam was engaged by the British Embassy in La Paz, and in particular its team from the Department for Business and Trade (DBT), to help ASFI and the Bolivian industry to:

  • Better understand the potential benefits to Bolivia of adopting open banking;
  • Develop a sound understanding of open banking principles and requirements; and
  • Learn about international experiences of open banking, not only the various different approaches to both regulation and implementation seen in other countries, but also the various different use cases that have emerged worldwide.

Tailored Training for Bolivia’s Financial Sector

To achieve this Raidiam developed and delivered a bespoke training programme for 60 senior executives from ASFI, the finance ministry, and banks and fintechs. The training itself took place in La Paz in September 2024, and encompassed foundational elements of open banking, its benefits, and implementation considerations.

We explored regulatory considerations, different possible market structures, infrastructure / related requirements, risks and mitigation approaches, and associated best practices. The content we provided was based not only on our deep insights into international best practice and use cases from around the world, but also research into the current context of Bolivia and its financial sector – to ensure that the insights shared were directly relevant and actionable.

The programme was delivered by Raidiam’s highly experienced consultants Jim Wadsworth and Lauren Jones; delegates were able to benefit from their expertise through dialogue and extensive Q&A sessions to complement the material presented.

Jim Wadsworth

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Raidiam’s Jim Wadsworth (third from left) and Lauren Jones (fifth from left) with attendees of the bespoke open banking training programme.

Recommendations for ASFI and Next Steps

To complement the training, a detailed report for ASFI was developed, setting out Raidiam’s observations on the opportunity for the country (including what we learnt whilst in Bolivia), and specific recommendations on the process we believe would be appropriate for the country to move forward with adopting open banking. That included perspectives on ASFI’s role as part of that process. At the time of writing, ASFI is considering how and when to progress to the next stage.

Engaging with Bolivia’s Vibrant Fintech Sector

The Raidiam team also had the opportunity to deliver a keynote address at the Fintech Summit Bolivia, held in Santa Cruz.  This excellent event, organised by the Cámara Boliviana Fintech and CAINCO was primarily for the fintech sector, and was attended by around 200 executives.  It was clear from discussions at and around that event that the Bolivian fintech community is substantial and vibrant.  The addition of secure access to customer accounts (via suitably regulated open banking) would enable fintechs to develop new services even faster than is currently possible, to the benefit of Bolivian citizens and to the economy as a whole.

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Raidiam’s Lauren Jones delivering a keynote address at Fintech Summit Bolivia.

The training programme, and Raidiam’s involvement in other events, was brilliantly facilitated and organised by the British Embassy in La Paz and its team from the DBT.  We are very grateful to them, and especially to Martin Terán Valenzuela.

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