Investment in fintech companies
On December 27, 2018, Decree 2443 of 2018 (the “Decree”) was issued, amending the Decree 2555 of 2010, adding Chapter 4, Title 1, Book 26 of Part 2, which authorizes credit institutions, financial services entities and capitalization companies the investment in fintech companies.
The Decree authorizes the aforementioned financial institutions to acquire shares in national or international companies with an exclusive corporate purpose of developing innovation and technology related to the development of the corporate purpose of the financial entities that are investing.
The Decree determines that innovation and financial technology companies will not be able to provide financial services and that the Financial Superintendence will be able to request to the financial entities all the information considered relevant with respect to the investment.
Additionally, the Decree sets forth general prohibitions addressed to innovation and financial technology companies. In this regard, innovation and financial technology companies cannot acquire or hold shares, quotas, or any type of interest in any kind of companies or associations.