IDB will fund regional FinTech regulation
3 agosto 2018

The Inter-American Development Bank (IDB) announced that it will finance the initiative “Towards regulatory convergence for the regional fintech ecosystem”, presented by the Superintendence of Finance of Colombia (SFC) alongside representatives from Mexico, Argentina, El Salvador and Paraguay. Details on amounts, transfer modalities, and specific applications are expected to be announced in the upcoming weeks.

 

The proposal aims to support the development, consolidation and integration of the FinTech ecosystem in Latin America and the Caribbean through the creation, addition and modification of financial regulations.

 

To this end, the initiative will provide support to harmonize the local FinTech situation with the regional situation. The exchange of information between different jurisdictions will also be encouraged in order to learn about the experience of each country and provide support through pilot projects. Finally, the institutional capacity of regulators, supervisors, policy makers and, thus, FinTech platforms will be enhanced.

 

At the regional level, the Mexican Congress passed a law in April regulating the FinTech industry. The Pacific Alliance, composed by Mexico, Colombia, Chile and Peru, recently announced an agreement to regulate the industry as a whole through legislation or decree. In Panama, on April 9th, 2018, the Executive presented to the National Assembly a bill that seeks to modernize the national financial system. Finally, in Chile, the National Productivity Commission recommends taxes on digital services and a regulatory framework for FinTech.  

 

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