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

La entrada Fintech companies have 90 days to adjust to new regulations apareció primero en Bitfinance.

Venezuelan banking faces the biggest challenges in innovation developments in an environment that constantly redirects strategies for the best and greatest provision of financial services.

The term Open Banking refers to a business model that encompasses the systematization and exchange of data in the financial ecosystem. It is commonly developed through the use of application programming interfaces (APIs) as pillars of digital transformation, their integration with new actors in service provision and the end user as the central axis of innovation in the financial system.

Banco Plaza, Banco Universal is a financial institution with great strength in Venezuela, recognized in 2018 as the fastest growing private bank in the country and one of its main competitors in the services offered by private banking, thanks to its strategy focused on customer, innovation and its openness towards the development of new business models.

For its part, the Venezuelan Association of Fintech and New Technologies – Fintech Venezuela –, established in Venezuela since 2018, has oriented its efforts from the development of collaboration and integration schemes between the different actors of the Fintech ecosystem and their approach to the end user through training and teamwork, consolidating its efforts beyond our borders. Today it has + 400 members and specialized Chapters of Open Banking, Payment methods and Training. In addition to being a member of AFI (Latin American Fintech Alliance) and recently became a Provider of the Amazon Web Services AWS Activate program. Offering its members the possibility to request the AWS Activate Portfolio package with the Association ID to obtain credits in the AWS cloud.

This alliance has allowed the creation of new business lines that have resulted in the support of a project proposed by the Fintech Society of Venezuela “Fintech Venezuela”, called INTERFINTECH, in which thanks to the use of the technological platform provided by the company Ab4cus Tecnología Fintech companies will be able to connect with each other and connect with the services of Banco Plaza, thus generating the first Inter Fintech payment system in Latin America.

“Without a doubt, we continue to show that in Venezuela we have the talent and desire to continue building the country we want, from action, teamwork and collaboration,” said María Elena Machado, founder and executive director of the Venezuelan Fintech Society and New Technologies.

M.Pino

With information from the Venezuelan Society of Fintech and New Technologies

La entrada Innovative Inter Fintech and Open Banking project apareció primero en Bitfinance.