Colombia Fintech shared five proposals to the presidential candidates to be added to their government plans

Colombian Fintech, the guild that associates digital financial services platforms in Colombia, called on the presidential candidates Gustavo Petro and Rodolfo Hernández to include in their government proposals initiatives that could allow the consolidation of the fintech ecosystem in Colombia and also contribute to the country continuing to position itself as a hub in Latin America in this sector.

Erick Rincón, President of Colombia Fintech, has pointed out that fintech have managed to contribute decisively to the greater financial inclusion of Colombians, generating employment and also being an example of grassroots technological entrepreneurship on an international level.

In that sense, according to Rincón, in the next four years the fintech agenda has enormous challenges that must be addressed from public policy. Listed below are five requests that Colombia Fintech proposes to be included in the government proposals:

First, explains Rincón, the country requires comprehensive regulation in terms of cryptocurrencies and also crypto assets. “It cannot be expected that the announcements that have been made for three months will be carried out, in what has to do with the regulation of deposit and withdrawal operations between supervised financial entities and exchange platforms” he commented.

“We are waiting for this to be issued because cancellations of bank accounts continue to occur without there being a legal cause for their closure.”, he added.

Likewise, the union in general has spoken about the requirement for the creation of a legal category linked to digital credit: “In Colombia there must be clarity about the charges that are being assigned to the consumer of credits by electronic means, so that the confidence of all those interested in this type of instrument is fostered, but also so that there is a homogeneous criterion for the credit authorities. inspection and surveillance that respects the conditions of the different operators, as well as the rights of consumers” they manifested.

“Open banking needs a rule that not only enables this type of project that allows the sharing of financial consumer data with their authorization and with the protection guide, but also ensures that these developments are mandatory, gradual, progressive. and involve all stakeholders”, they added.

For its part, Erick Rincón has said that issues such as identity theft risks can be worked on through open banking, which according to what affects today the provision of all types of financial services, and also bank interoperability since immediate transfers are needed. with interoperability, which allow enabling electronic payments in the country.

“This is something that has also been identified and where efforts should be focused on working together with Banco de la República on a solution that allows for a payment system that generates trust, lower costs and, above all, coverage for the different bank users, non-banking, and that use all kinds of financial solutions for electronic payment” Rincon argued.

Finally, to close this list of proposals to the presidential candidates, Rincón mentioned that fintech should be included as a priority issue in the country’s financial inclusion indicators. “The methodology and indicators prepared by the National Government every year should be reviewed, taking into account only information provided by traditional financial institutions” he said.