Open Banking inspiration: Brazil to enter Open Health

Monday 1 August 2022 14:59 CET | News

The Brazilian government and the National Supplementary Health Agency (ANS) have intended to launch a new platform for Open Health that promises to speed up portability between health plans, according to Valor Investe.


Brazil has planned to launch a new platform that promises to speed up portability between health plans, allowing Brazil to enter Open Health.

The launch is scheduled in 90 days. The initiative is part of the project called Open Health, a system to stimulate competition in the private health sector inspired by Open Banking, already in operation in the banking segment.

Created in February 2022, the group led by the Ministry of Health to take Open Health off the ground should publish the final report of the work soon. After analysing three proposals, a model was chosen by which ANS will centralise information on beneficiaries and plans, as well as all portability procedures.

According to the executive secretary of the Ministry of Health, ‘the beneficiary will be able to do in a few clicks what currently takes at least 30 days to happen’. At the moment, people have to undergo a complex procedure and not many can go through with it, the government representative continued, who was once deputy director at ANS. 

Open Banking inspiration in Brazil

Recently, we announced that Brazil introduced another Open Banking-inspired initiative. The Brazilian Association of Electric Energy Consumers (Abraceel) has decided to send the National Electric Energy Agency (Aneel) a letter in support of the request for a regulatory sandbox on Open Energy presented by Lemon Energia. 

Inspired by Open Banking, Open Energy assumes that consumers own their own electricity consumption data and, therefore, should be free to share them whenever and however they wish, in line with the General Protection Law of Data (LGPD).

Open Banking gaining momentum in Brazil

At the end of 2021, Brazil’s central bank announced the new (and final) phase of Open Banking. It lays at the foundation of Open Data, an initiative to make data sharing available throughout the ecosystem. It marked the beginning of Open Finance in Brazil.

A notable participant in 2021’s Open Banking report, TecBan painted a clear picture of what Open Banking is and could be in the country, speaking of the current status of the initiative, how the financial market is reacting, mainly fintechs and banks, and which are the relevant use cases brought by Open Banking in Brazil.

Open Finance in Brazil

The South American country undergoes progress in ‘opening’ various industries. In May 2022, the regulatory and supervisory bodies of the financial and insurance market have published the Joint Resolution No. 5/2022, which provides for interoperability in Open Finance. 

The publication of the Joint Resolution brings greater clarity and rules for interoperability within the scope of Open Finance. This interoperability will allow standardised data sharing, with customer consent, in a safe, agile, and accurate way, between banks, payment institutions, credit unions, insurance companies, open supplementary pension entities, capitalisation companies, and other institutions authorised to work by BC and Susep.

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Keywords: Open Banking, Open Finance, Open Data Economy, regulation
Categories: Banking & Fintech
Countries: Brazil
This article is part of category

Banking & Fintech