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Three banks and four finance companies could reach Colombia

September 28, 2020

The Colombian financial system could accept new players. In the process of creating accounts carried out by the Financial Regulator of Colombia, it was found that different companies make different requests for entry into the system. This was reported by La República in an article signed by Paola Andrea Vargas Rubio.

We are already talking about three banks and four financing companies. Among other things, the approval of two crowdfunding platforms and a company in the insurance industry is being examined.

“”The banking firms that would operate in the country are JP Morgan, BTG Pactual and Lulo Bank. According to Jorge Castaño (and Financial Superintendent), the response to JP Morgan’s request to act as a commercial bank could be known in December, while BTG Pactual has already submitted its banking license. In the case of the Gilinski family’s Neobank, their authorization was given earlier this year, ”the article in La República reads.

Three banks and four finance companies could reach Colombia
Three banks and four finance companies could reach Colombia

“The superintendent added that In the segment of companies specializing in electronic deposits and payments (Sedpe), they also process three approvals under the names Global 66, A la Caja and Bold. The finance companies, the banks and the sedpes waiting for the relevant approvals from the Superfinanciera would reach a market with 25 banking institutions, at least 12 finance companies and five sedpes, ”they later explained.

Castaño said: “There are 43 credit institutions, but more are needed because the more there are more companies, we can specialize more and encourage competition that benefits everyone.”

Speaking on the crowdfunding company side, Castaño stated, “There are two companies specializing in collaborative finance that are being approved and there will be a response in the coming months before the end of the year. The companies are Finnova and Aruma ”.

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