Open finance in Brazil: moving towards environmental and social sustainability

Purpose This study aims to examine how Brazil’s regulatory framework for open finance – initially designed to promote financial inclusion through competition – can evolve to integrate broader environmental and social objectives. Design/methodology/approach It used a qualitative approach, drawing on thematic analysis of semi-structured interviews with key stakeholders in Brazil’s open-finance ecosystem. Insights inform a middle-range theory for sustainable open-finance implementation, supported by an adapted impact value chain framework. Findings The Brazilian Central Bank (BACEN) has advanced inclusive finance innovation, yet environmental objectives remain marginal in open-finance implementation. The study identifies three potential pathways for embedding sustainability into open finance: “policy for sustainability”, “reducing risks” and “national and international collaboration”. Practical implications The findings offer insights for regulators, particularly BACEN, to reorient open-finance implementation toward sustainability and support Brazil’s inclusive and climate-resilient development agenda. Originality/value This paper contributes to emerging literature on sustainable open finance by combining stakeholder insights with recent policy developments to propose a conceptual model linking open finance with environmental and social objectives.