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Financial Superintendency creates a supervisory model for fintech companies in Colombia

October 29, 2020

Authorities such as the Financial Superintendency have announced supervisory models for the fintech sector in Colombia. This was reported by Portafolio on October 23rd last year.

“”The advances made by the fintech industry in Colombia in recent years, and the impact of the pandemic that gave it a strong boost, have caused this ecosystem to register some indicators similar to developed countries, motivating authorities like the superintendent has finances, announce supervisory models for this sector”They explained.

They also quoted financial superintendent Jorge Castaño. According to the article, Castaño said that work is being done to “align regulation and supervision with the fintech industry”. He also noted, “We are working on criteria for issuing a fintech license.”

Financial Superintendency creates a supervisory model for fintech companies in Colombia
Financial Superintendency creates a supervisory model for fintech companies in Colombia

According to the portfolio, the official confirmed that the possibility of adapting the supervisory regulations in favor of a fintech license could exist.

“The head of the Colombian financial industry’s oversight and control body said that all these developments put the consumer in the middle of the model and that financial inclusion should also be increased,” they clarified in the publication

This model would be foreseen in Decree 1234, which sets out the regulatory sandbox. Erick Rincón, President of Fintech in Colombia, said this was an important change. “We see that it is a first step to look at all of the innovations that the fintech industry has made,” he said.

It should be noted that the entire industry is not overseen by the Superfinanciera. With this in mind, they stated in the article that they oversee the companies that raise money and lend, such as Neobanken (digital banks), Sedpe (financial companies specializing in deposits and payments), crowdfunding (collaborative financing). while those who only offer credit are under the supervision of the Superintendent of Industry and Commerce (SIC).

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