Due to the exponential increase in the technological capacity of data processing, transmission and storage, most companies are transforming their systems and processes in order not to be left behind and many are beginning to consider new sources of monetization through the sale of their anonymized data.

In the case of Colombia, Decree 1297 of 2022 laid out the path for the implementation of open finance in Colombia, which seeks to promote financial and credit inclusion, the entry of new market participants, and the creation of new financial products and services, through the exchange of users' financial information in a secure manner.

This regulation promotes the development of digital ecosystems, the commercialization of technology and infrastructure, and will give a significant boost to the data market in Colombia. According to McKinsey, the economic impact of open finance in this decade is estimated at 4% of GDP in emerging countries.

In this context, from the CCB we launched a new data marketplace called Data Store CCB, which is a platform where companies can find the current information services of the entity with a more intuitive, automated and easy to use experience. Clients will be able to self-manage processes such as the following.

The platform will continue to evolve rapidly to enable other information and data providers to offer their services to participants in the Chamber's orchestrated ecosystem. People will be able to access timely information from providers that have undergone a rigorous curation process, which will guarantee the reliability of the data and allow them to find reliable and timely information in one place.

This effort of the Chamber is aimed at making it easier for companies to make decisions based on data, helping them in their digital transformation processes and to be increasingly competitive. It will also allow them to access new sources of revenue by being able to monetize their anonymized data in a secure way. Learn more about the Data Store in: https://datastore.ccb.org.co/