This week, the Superintendency of Banking Sector Institutions (Sudeban) held a roundtable with different public and private entities with the intention of clarifying the new regulatory framework that directly affects Financial Technology Services (fintech) companies.

Recently, Resolution No. 001.21, which dictates the “Norms that Regulate Financial Technology Services (Fintech)”, was published in the Official Gazette N ° 42,151, dated June 17, 2021, a series of norms that seeks to guarantee a system banking with modern and quality services.

The aforementioned resolution aims to regulate financial services provided through new technologies, offered by Financial Technology Institutions (Fintech), which are aimed at providing financial solutions promoted by technology, which involves all those financial services companies that use Advanced technological processes and systems to be able to offer innovative products and services under business models.

These regulations promote the principles of financial inclusion, promotion of competition, protection of the banking user, preservation of financial stability, prevention of money laundering operations, financing of terrorism and financing of the proliferation of weapons of mass destruction.

Faced with this situation, Sudeban urged all public and private entities to comply with the regulations within a period of no more than 90 days. Within this period they must request the authorization and permits that are necessary from the body.

K. Tovar

With information from Press Release

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