Argentina’s central bank supports the role of financial technology

Fintech regulation in Argentina

The expansion of Fintech in Argentina has brought flexibility and competition to the financial sector, forcing traditional players to keep pace with innovation, The President of the Central Bank of the Argentine Republic (BCRA) is Miguel Angel Pesci.

“I think fintech companies have brought a dynamism into a system that they didn’t necessarily have, and banks have positioned themselves to work to be in tune with that dynamism,” the spokesperson said at a meeting with the country’s Chamber of Fintech.

At the end of 2019, only 7% of the population had at least one digital account and 6% had a bank account in addition to a virtual account. By the end of 2020, These two percentages increased to 22% and 24%, respectivelyAccording to bank numbers.

Observers have highlighted this first convergence between the issuer and the sector.

“The message from the regulator – which appears in the most recent regulations released – is that they really understand that this is an industry that has already arrived, that it is unstoppable and that it will also bring benefits not only to the financial system, but to the country,” said Daniel Levy, partner at law firm Picard. Varela, in Buenos Aires.

“Today, Argentina is exporting a lot of technological services, which is an activity that the government and the BCRA are trying to promote, always making it clear that they will be very careful not to invade the exclusive lands owned by banks, which is the deposit-taking activity,” the expert added in a conversation with him Japan.

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Fintech regulation in Brazil

Implementation of the third phase of open banking in Brazil The central bank stated that it was postponed from August 30 to October 29.

Adjustment meets Need technical modifications to implement. In this third stage, organizations will have to share data about loan applications and payment initiations. Likewise, instant payments through the use of the interoperable platform Pix.