The Banking Superintendence (SBS) and the Securities Market Superintendence (SMV) are working on the draft of an Alternative Financing bill. Though the proposal is still being prepared, according to Alejandro Medina, SBS’s Deputy Risk Superintendent, it would include considerations on crowdfunding, regulations on lending houses and digital exchange platforms. They also consider incorporating information requirements for other forms of non-financial participatory financing and donation methods. These agencies will continue to consult with government entities and the private sector before introducing the bill to Congress. The proposal is expected to be ready in the coming months.

The announcements were made during the II International Digital Payments’ Congress 2018, organized by the Peruvian Banks’ Association (ASBANC), which will ended July 5th. The SBS has been working since 2017 on a draft bill that regulates financial technologies (fintech) to accelerate and encourage the sector’s development. Medina also said that the draft bill is expected to be ready soon, although he acknowledged that the SBS must first “coordinate with other government authorities and talk with the industry, and then it should be introduced to Congress.”

The public officer explained that “several interesting business activities have emerged with the fintech and some of them are in full development, such is the case of participative financing companies known as crowdfunding, but also other companies like loans platforms that use technology as a means to accelerate decision making concerning new loans. These companies have a different profile which draws our attention and we believe that they may require some kind of additional development.”