Development Committee begins study of bill to regulate financial technology services
20 enero 2022

ECUADOR

On January 14, the Committee for Economic Development began the study of a bill to amend several laws for the development, regulation, and control of financial technology services (FINTECH Law). The initiative proposes that technological financial services be provided by non-financial legal entities incorporated as corporations, limited companies or simplified joint stock companies. The legislative board received the opinion of several authorities and analysts who presented their observations on this issue. The committee is expected to continue analyzing this initiative in the short term.

In this regard, Jorge Cevallos, representative of the Association of Telecommunications Companies (Asetel in Spanish), said that an adequate regulatory framework is required to encourage innovation and allow new transnational service providers to supply payment and digital transfer mechanisms on a sustained basis. He also indicated that it is necessary to promote digital financial development by expanding financial inclusion through new services and lower transaction costs.

In turn, the executive director of the Chamber of Small and Medium Enterprises of Pichincha (Capeipi in Spanish), Benjamín Chávez, explained the importance of having a law that allows to operationalize processes such as those described, while supporting the reforms that in the future will allow to participate in co-investment programs for companies and the public sector.

Along the same lines, Edgar Bustamante, an expert in Corporate Law, mentioned that it is necessary to have a regulation that encourages competition “access to new technologies is a modern user’s right”. For his part, Blockchain product developer, Carlos Vera, expressed that the “government should be a facilitator of this option by considering establishing a digital currency to make it attractive to the local and global market”.

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