New technologies and their applicability and impact on different social institutions are affecting the way in which we relate to different industries. Technology has led the pace for the introduction of new products and new forms of doing business and, the financial sector, which was traditionally seen as conservative, had to keep the rhythm and embrace technology.
It is evident how in recent years the financial industry has seen a fast-growing adoption of financial technologies (fintech). Fintech came in a disruptive manner, purporting a change in the mindset of traditional financial institutions and introducing new players to the industry. This disruption of fintech into the financial industry has had a direct impact on the way financial regulators envision the market in the future. Regulators have faced new products that are very different from traditional banking products (e.g. crowfunding), new ways of providing services through the exclusive use of technology (e.g. roboadvisoring) and new technologies to make the sector more efficient and secure (e.g. blockchain). As a consequence, the steady fast-growing rhythm of fintech comes with several questions with regard to the regulatory standpoint of products, players and services. This publication provides a Latin American overview and legal analysis of the legislation and regulations related to the fintech industry in order to foresee where these developments are heading as well as its general impact in the Latin American financial sector. In these terms, six Latin American countries (Brazil, Ecuador, Chile, Colombia, Peru and Mexico) manage to answer different questions which are divided in eight categories covering different fintech segments.
Each chapter of this publication corresponds to a specific country and has been written by leading financial lawyers and industry experts of whom we are especially grateful for their participation and contributions.