On December 28, the Executive branch published Decree 2443, which adds a new section to the rules for credit and financial services establishments approved under Decree 2555/2010. The new regulation classifies investments in financial innovation and technology companies as a new investment case in financial institutions. The decree is already in force.
Credit and financial services establishments may hold shares in national or international companies engaged in the development or application of financial innovations and technologies. These shares owned by the establishments cannot cannot be of a cooperative nature. On the other hand, financial innovation and technology companies will not be able to provide financial services or acquire shares in cooperative establishments.
The Minister of Finance said “financial institutions around the world have transformed their operations through innovation and the use of new technologies in the way they offer their products and services, making it easier for segments and territories traditionally excluded or underserved by the financial system to access and use formal financial services”.