Authorities such as the Financial Superintendence have announced supervision models for the fintech sector in Colombia
Authorities such as the Financial Superintendence have announced supervision models for the fintech sector in Colombia. This was reported by Portafolio on October 23rd.
„The progress made by the fintech industry in Colombia in recent Ethereum Code years and the effects of the pandemic, which gave it a strong boost, meant that this ecosystem registered some indicators similar to developed countries, which has led authorities such as the Financial Superintendence to announce supervision models for this sector,“ they explained.
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In addition, they cited the financial superintendent, Jorge Castaño. According to the article, Castaño said that work is being done to adapt „regulation and supervision to the fintech industries. He also said, „We are working on criteria for issuing a fintech license.
According to Portafolio, the official said that there could be the possibility of adapting prudential regulation in favour of a fintech licence.
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„The head of the Colombian financial industry watchdog said that all these developments should have the consumer in the middle of the model and also allow for increased financial inclusion,“ they clarified in the publication
This model would be provided for in Decree 1234, which establishes the regulatory sandbox. Erick Rincón, president of Colombia Fintech, commented that this is an important change. „We see it as a first step to look at all the innovation in the Fintech industry that has been taking place,“ he said.
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It should be noted that not all of the industry is supervised by the Financial Supervisor. In this regard, the article explained that she supervises institutions that raise funds and place loans, such as neo-banks (digital banks), Sedpe (financial companies specializing in deposits and payments), and crowdfunding (collaborative financing), while those that only offer loans are under the supervision of the Superintendence of Industry and Commerce (SIC).