Colombia Fintech will present an 800 -page roadmap with 120 proposals to modernize the national financial system. This will take place in Barranquilla, on Thursday 11 and Friday, September 12, when the Latam Fintech Market event will be held.
The document addresses issues such as Cryptocurrencies, digital payments and artificial intelligence, with the aim of promoting a “regulatory tsunami” that strengthens financial inclusion.
Currently, the country Face the challenge to expand access to formal financial services in urban and rural areas, as well as between different age groups, and to increase access to credit between the adult population, which today reaches only 35%. The goal is to position Colombia as a regional leader, at the level of Brazil (84%) and India (80%).
The country has advanced in digital infrastructure, such as the BRE-B instant payments system, but remains lagging against models such as the Brazilian pix or the adoption of Bitcoin promoted by the communities of El Salvador.
The immediate payment system (SPI) BRE-B of Colombia, administered by the Bank of the Republic, is a centralized infrastructure designed to facilitate transfers and real-time payments between accounts of different financial entities, digital wallets and shops. And although it shares some characteristics with cryptocurrency networks, such as speed and interoperability, its architecture and functioning are different.
Therefore, it is clear that the Colombian financial system has advanced, but still Weaknesses persist such as high cash dependence and limited access to formal credit.
These limitations have motivated Colombia Fintech to propose a “regulatory tsunami” with Bitcoin -centered initiatives, cryptocurrencies, digital payments and artificial intelligence, with the aim of strengthening financial inclusion, promoting competition and positioning Colombia as a regional leader in financial innovation.
As mentioned above in this note, the proposals will be presented at the Barranquilla event that It will bring together regulators, traditional banks and 370 local fintechs, including Bitcoin and cryptocurrency startups.
All this happens at a key moment where the Neobancos grew from 1.3 to 10.5 billion pesos in deposits in 12 months. The figure indicates an increase in trust in digital innovation, especially among young Colombians and the most disadvantaged.
It is a sign that digital assets and digital payments have the potential to raise Colombia to the inclusion level of 80% that India has and attract foreign investment as El Salvador has done with Bitcoin, as reported by cryptootics.
For that reason, the Summit will also include the participation of Juan Carlos Reyes, president of the National Digital Assets of El Salvador.
Regulate stablecoins and transform the sector
The Colombian Fintech document proposes to intervene 22 areas, from Stablecoins to Ciberdelito. Gabriel Santos, executive president of the Association, explained to Colombia media that «we need a regulatory tsunami to transform the sector.
This includes eliminating withholdings to digital payments, strengthening BRE-B and reconsidering foreign investment taxes. Santos emphasized that the transformation requires collaboration: «It is not work only from Fintechs. It is with banks, regulators and users ».
In that sense, Latam Fintech Market could mark a turning point for Colombia. If the proposals are adopted, The country could accelerate its financial inclusioncompete with regional hubs and attract investment in technology.
The challenge will be to reconcile the speed of innovation with regulatory solidity, a balance that will define the financial future of the region.