Draft decree published to promote FinTech industry
5 octubre 2018

On October 1st, the Ministry of Finance published a draft decree on which it is currently working to authorize the investment by credit establishments and financial services companies in the capital of innovation and technology companies. The document will be in public consultation until October 11th, 2018, after which it will be published as a decree in the Official Gazette.

 

The document stipulates that credit establishments, financial services companies and capitalization companies may own shares or quotas in national or international companies, whose exclusive corporate purpose is to develop or apply innovations based on technology. Investments must be previously authorized by the Superintendence of Finance of Colombia, and this entity may also require from the supervised entities any information it deems pertinent.

 

Among the limitations to this type of activities, the total investments may not exceed 100% of the sum of the capital, equity reserves and equity revaluation account of the respective entity, as well as that securities issued, guaranteed, accepted or  managed by the parent company or by the subsidiaries of the respective entity may not be acquired or traded. Operations involving conflicts of interest may also not be carried out when carried out between the parent company and its subsidiaries.

 

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