The reluctance to lead a transformation of this nature not only delays access to banking for those who currently do not have it, but also increases uncertainty in the face of a complex economic scenario.
By Eduardo Larriaga
Santiago de Chile.- Conversations around a possible Fintech Law have increased, and with it the need to guarantee a legal framework that promotes financial innovation and free competition. The reluctance to lead a transformation of this nature not only delays access to banking for those who currently do not have it, but also increases uncertainty in the face of a complex economic scenario. According to the President of the Central Bank, Rosanna Costa “after the excessive growth of 2021 (11.7%), the economy will expand at rates somewhat below its potential in 2022 and 2023, with contractions in private consumption and investment.” If we add to this the increase in the CPI in March, which reached 1.9% monthly and 9.4% annually, the highest figure in 13 years, it puts a great alert on the macroeconomic agenda in Chile and a pressure to manage new investment impulses.
And this is where the Fintech Law would deliver benefits at a transversal level: financial democratization, validation among peers, belonging to a specific establishment and with it, the promotion of technology and financial-based companies in Chile. The foregoing would not only promote new projects, but would also support existing ones internationally.
On the other hand, the pandemic drove an inevitable digital transformation. At the level of Latin America and above Chile, there is a great opportunity to accelerate the growth of their economies from the digital. This is because it has been shown that the digital transformation of organizations has a clear impact on the growth and sustainability of the productive economy of any country or region.
Due to this scenario, it is imperative to create spaces for socialization that encourage such changes. Knowing what a Fintech is and what its work is will provide social validation to materialize any bill, as well as position our country as a focus of technological development and as an aid to reverse the uncertain national economic scenario.
Eduardo Larriaga it is Commercial and Marketing Manager FinFast