Argentina Fintech Legal News No. 2
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Fintech Department Report | Argentina Fintech Legal News No. 2
Dear Sir or Madam,
Below you will find our Newsletter No. 2, including a summary of the news we consider relevant to the Fintech world. In this edition, you will also find a link to the Banking and Financial Institutions Department report, which summarizes the provisions regarding the exchange regulations issued on the last weekend.
National financial inclusion strategy
The importance of Fintechs for financial inclusion. On Friday, August 29th, 2019, Resolution 17/2019 of the Ministry of Finance was issued, which establishes the so-called “National Financial Inclusion Strategy” (ENIF for its acronym in Spanish). This strategy was prepared by the Government with the participation of the private, public, and academic sectors together with the international community.
The ENIF sets forth the following strategic objectives for the period 2019-2023:
1. Complete and improve access to savings accounts, credits, means of electronic payment, and insurance.
2. Promote the use of accounts, electronic means of payment, and other financial services as a gateway to the financial system.
3. Improve the financial capacities of the population and user protection.
All these objectives seek to provide financial inclusion form a gender perspective and for specific groups that suffer greater risks of financial exclusion (such as young people, older adults, people in the informal sector, migrants, and refugees).
The ENIF emphasizes the role of digitalization because it is a very effective method to reduce costs and facilitate the emergence of innovative competitors in the financial sector. As Ivana Grossi already pointed out in her article on financial inclusion (in Spanish) “Inclusión Financiera y el Rol de las Fintechs en Argentina” recently published in Abogados.com.ar, the Fintechs are called to serve as an important tool for the mentioned financial inclusion plan.
New exchange regulations
These also affect Fintechs. Some exchange regulations issued on the last weekend are of interest to the entire Fintech industry. We redirect to the Banking and Financial Institutions Department report of our firm, which summarizes these regulations.
Do not hesitate to contact us should you require any further information on these matters.
Sincerely,
Daniel Levi
María Shakespear
Pablo J. Torretta
Ivana Grossi
This report contains a summary of regulations published in Argentina. The summary as such is not complete and does not imply advice of any kind. Do not hesitate to contact us shall you require assistance on these matters.