La Usina del Arte became the space for a summit meeting between the fintech ecosystem and regulators. For the first time in six years since the event was held, a president of the Central Bank and two officials representing the National Securities Commission (CNV) and the Financial Information Unit (UIF).
Santiago Bausili, was the star guest and was “interviewed” by Mariano Lopez, president of the Fintech Chamber. There they talked about everything: the dispute between fintech companies and banks, where economic policy is going, the role of the regulator and fintech companies in this “new dimension of the financial system” and of course, what is coming.
López asked him about the existing tension between fintech and banks, one of the issues that generates debate at the heart of the industry, to which Bausilli responded: “We don’t see it that way. We can’t imagine how banks can grow and compete without the technological part, and probably the vast majority of technological projects have a very limited life without the financial part. For this reason, we go for complementarity, we must work to level the playing field so that this rivalry does not occur. “That the rules are the same for everyone and that they are fair, that they are an added value and not a cost or impediment,” explained the President of the Central Bank.
In another part of the talk, the president of the Central Bank highlighted the need for industry players to propose projects to regulators and invited them to get rid of that “fear.”
“There is another cultural battle that must be fought, which is how the industry is more subject to the regulator. and not see it as a tool. We should not wait for the Government to say where we have to go, it has to be the other way around. There is a challenge that is that the industry has to take advantage of the fact that there is coordination and there is a proposal for change“, he encouraged.
At the same time, he stressed that the projects that arise from the fintech industry should not be linked to the opportunity that is generated through “temporary financial arbitration”, but rather “They are projects that develop added value for users and where savings and investment can be channeled.”
The growth of credit and Open Finance
As for what’s coming, Bausili talked about two topics that are fundamental for the industry: Open Finance and the growth of credit. “Credit can triple and we are at a low level of credit for the economy.” Along these lines, within the economic program carried out by the Government, the expectation of the president of the Central Bank is that the economy recovers and fintech is the one that becomes a key actor.
Finally, he stressed that his role as a regulator is to generate integration throughout the financial ecosystem and have a stable regulatory framework and consists of time.
Bausilli also seems to be on the same page as the Fintech Chamber. How it advanced Scope, The Fintech Chamber will propose as a goal to achieve Open Finance, an evolution of Open Banking that extends to open banking not only linked to banking data, but a wide range of financial services such as insurance, investments, loans, etc. Bausilli, said when closing his presentation, which will be one of the key issues that the regulator will address.
Source: Ambito
