Paraguay is now part of the Iberoamerican Fintech Alliance, an Iberoamerican federation of technology sector associations, thus achieving a better positioning of the national industry and joining the regional agenda. They say that the country continues to show less progress in regulation, a factor on which work must continue.
The president of the Paraguayan Chamber of Fintech, Diego García, indicated that through an invitation from the Inter-American Development Bank (IDB) they were able to participate in the regional meeting of fintech industries that took place last month in Washington, USA.
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Following this event, Paraguay is part of the Iberoamerican Fintech Alliance
The Fintech Alliance is a coalition that brings together trade organizations of the fintech sector in several countries of the continent through which they promote the development of the industry in the region, promoting innovation and financial inclusion in the main countries. García said that a study carried out by the IDB in the sector was presented, which showed the great growth experienced by this industry and its sustainability after the application of regulations in some countries.
Diego García indicated that Paraguay is a little behind due to the fact that to date it still lacks the necessary regulations to grant security to the industry that could provide a great boost to the national economy through financial technology. “We are currently asking the regulatory bodies, which are the Central Bank of Paraguay (BCP) and the National Securities Commission (CNV), to issue a more detailed regulation on what is the fintech business model and those that could be created that still do not work today for not having a regulation,” he pointed out.
García said that it is important a greater involvement of public entities to be able to regulate the industry that is in constant growth and that generates an increase in financial inclusion. He said that in Paraguay there is only a basic regulation on electronic payment methods or wallets that should be expanded because the range of businesses in the sector is wider.
On this point, he mentioned that nowadays the largest volume of companies is directly related to electronic means of payments but so far no Paraguayan firm has the category of “Unicorn” that allows receiving investments over $1 billion, a value that cannot be reached due to the lack of favorable regulations for the sector.
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First published in LA NACION, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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