Skip to content

Fintech companies and traditional finance companies want to become banks in Colombia

August 26, 2020

In Colombia, traditional financial and financial technology (fintech) companies are waiting for approvals, the arrival of new shareholders, or even a better time to get into the banking sector. This was reported on the Portfolio website on August 24th.

On the one hand, the article recalled the request by the financial company JP Morgan to the Financial Superintendency of Colombia. With that in mind, Cointelegraph en Español recently reported that JPMorgan Chase Bank has already participated in the Colombian Financial Supervision process in order to be able to process a banking license that would allow it to operate as a banking institution in Colombia.

So far, the financial institution has been an established credit institution in the Colombian economy. In addition, JPMorgan Chase Bank has a representative office that has been operating in Colombia for more than 50 years.

BTG Pactual

Fintech companies and traditional finance companies want to become banks in ColombiaFintech companies and traditional finance companies want to become banks in Colombia

On the other hand, from Portfolio, they stated that The Brazilian bank BTG Pactual is also awaiting its bank conversion approval. “They have other companies in the country like investment banking and stock brokers,” they said in the article, which also quoted Juan Rafael Pérez, CEO of BTG Pactual Colombia, who said the company will be a full investment bank. Companies.

“Pérez said that Colombia is a strategic country for BTG Pactual, as this represents an opportunity for growth in various business areas ”, they explained from Portfolio.

In this context, Pérez also expressed his opinion: “The demand for corporate loans grewA situation exacerbated by the pandemic as credit lines are required for recovery. In summary, we can see that there is still room for a new player in this market niche. “

The case of Finsocial

Apparently, fintech Finsocial also wants to become a bank. Santiago Botero, CEO of Finsocial, informed Portafolio that a new partner with financial strength will soon be added and the application for a banking license will be submitted to Superfinancial.

“We are already very structured, with certifications, seals and a tested process that has even earned us awards,” emphasized Botero.

“The other thing is to see how we can capture what should be a little easier than analyzing and processing risks that need to be lent,” he added.

In addition, according to the Portafolio article, Finsocial would also support the fintech sector at the time of the bank takeover.

Lulo Bank

At the beginning of the year, According to the publication, the Superfinanciera had already granted approval for the banking license of Lulo Bank, the first 100% digital bank. Commissioning was planned for the middle of the year. “This new bank will be managed by Gilinski Business Group, owner of GNB Sudameris Bank, some industrial companies and with media involvement,” they said.

Nubank

Portfolio also named Nubank from Brazil as another interested party for entry to Colombia. And he recalled that its founder was the Colombian David Vélez, who was successful with his company.

You might be interested in:

Receive Breaking News !

Install
×
Enable Notifications    Ok No thanks