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On July 3, 2026, the Superintendencia de Banca, Seguros y AFP (SBS) published regulations governing the Banking as a Service (BaaS) model through SBS Resolution No. 01747-2026, published in the official gazette El Peruano. The regulation establishes general conditions, policies, and procedures for BaaS operations as part of Peru's Open Finance System roadmap, which aims to create a more innovative, competitive, and inclusive financial system. Under the BaaS model, regulated financial institutions and electronic money issuers can make their infrastructure available to unsupervised companies—including technology firms—and supervised entities to offer financial products and services such as accounts, loans, payments, and transfers through digital connections and integrations. This approach expands access to financial services for traditionally underserved populations. The regulation clarifies that financial service providers remain responsible to customers and to the SBS for all BaaS offerings. The framework incorporates safeguards requiring compliance with existing SBS standards on information security, risk management, anti-money laundering and counter-terrorism financing, and market conduct. The regulation also establishes clear responsibilities for BaaS service providers to ensure transparency to users regarding service delivery. The SBS emphasised its commitment to supporting the financial system's technological transformation and promoting competitive product and service alternatives for citizens through progressive implementation of the Open Finance System across Peru. The regulation represents a significant step in Peru's regulatory approach to fintech innovation, balancing market development with consumer protection and financial system stability. REFERENCES: Superintendencia de Banca, Seguros y AFP (SBS). "SBS reglamenta el modelo BaaS que permitirá a entidades financieras ofrecer productos y servicios digitales innovadores." Press Release, July 3, 2026. https://www.sbs.gob.pe/