On July 10, the Economic Regime Committee hosted the Superintendent of Banks, Ruth Arregui, who expressed her position on an eventual reform of the Monetary Code. The Superintendent pointed out that, in order to improve consumer protection, the regulation should update the legal framework regulating e-commerce, providing for greater independent financial oversight, financial inclusion and education.
Arregui argued that it is necessary for the Superintendency of Banks to have the necessary technical tools for surveillance, auditing, intervention and control to protect users of financial products and services.
She considered that the Reform should envisage a national and international control structure including consolidated and cross-border oversight to help prevent corruption, and said that inclusion, financial education and institutional cooperation will pave the way for innovation and growth in the financial sector.
Meanwhile, the Economic Development Committee continues to debate the bill promoting entrepreneurship and innovation in Ecuador. This initiative also regulates crowdfunding. Its intention is to have the first draft of the regulatory framework fostering innovation and business projects by implementing financial technologies ready before the legislative recess (August 12 – 23).