The social and political climate towards RegTech-services is positive. The Colombian Finance Superintendence just launched the first regulatory sandbox in Colombia to facilitate the innovation in the Colombian financial industry.
This regulatory sandbox has facilitated that FinTechs companies and other innovators develop different projects in a controlled environment under the Colombian Finance Superintendence’s supervision.
The purpose of the RegTech tool is to take advantage of technological developments to boost innovation, optimize internal processes and reducing certain operational burdens of the Colombian Financial Superintendence.
RegTech services are not yet regulated under Colombian Law.
On the other hand, the projects born in the Sandbox are already being implement. The Colombian Financial Superintendence launched its program named “InnovaSFC” to best develop initiatives in the RegTech sector.
Alvaro Parra Gómez
Bernardo Rodríguez Ossa