The Superintendent of Banks and Financial Institutions (SBIF), Mario Farren, and the president of the Commission for the Financial Market (CMF), Joaquin Cortez, announced that they are working together with the Ministry of Finance on a bill to regulate financial technologies (fintech). The objective will be to generate a scenario of regulatory parity between traditional companies and those emerging from the use of technology, which implies that this last one must comply with capitalization and operational risk regulations. They estimate that it will be introduced in Congress before the end of the year.
Cortez explained that the bill is designed to generate more legal certainty and to make more clear which situations are legal and which are not. He also indicated that they will aim to achieve that, before the same service, the companies that provide it have the same regulatory conditions. He commented that the more risky an activity is, the greater the solvency that the bill will demand.
Farren said that they see “with very good eyes” the emergence of technologies that facilitate access and allow bancarization. But he clarified that this process must take place in situations of regulatory parity.