The key week for the fintech industry from all over the country. This Wednesday, October 30, the sixth edition of the Argentina Fintech Forum organized by the Argentine Fintech Chamber with the motto “a new dimension of the financial system”. This year will be different: not only because of the quality of the spokespersons who will be present, among whom are the head of the Central Bank (BCRA) himself, but also because of the presentation of two projects that aim to advance towards Open Finance and the tokenization of assets. What is it about?
Towards the tokenization of assets: the Chamber will present its regulatory sandbox proposal
A few days after the event, the Fintech Chamber overtook Scope, the proposal that will be presented this Wednesday. It is a regulatory sandbox, which consists of a “live, time-limited, controlled sandbox environment that may have regulatory exemptions at the regulators’ discretion.” This allows the industry to develop projects working alongside regulators such as the Central Bank, the FIU and the CNV to achieve important advances towards asset tokenization. This sandbox will have three objectives:
1. It will allow testing functional concepts, products, services and processes in a controlled and safe environment.
2. It will facilitate the issuance and marketing of tokens, promoting operational efficiency and market confidence.
3. It will position Argentina as a leader in the field of asset tokenization globally.
From the point of view of the Chamber this proposal will foster innovation and economic growthby allowing companies and entrepreneurs to experiment and develop new ideas and technologies, in an environment controlled by the regulator, safe for the consumer and with legal guarantees.
At the moment Regulatory sandboxes exist in more than 60 jurisdictions and 25 countries. More than 95 sandboxes around the world are also in the works. For the development of the project, the experience of the United Kingdom and Signapur was taken into account. In America, only Canada, Mexico, Colombia and Brazil have that experience.
What is asset tokenization?
The crypto tokens They are digital representations of physical or digital objects, or even identities that are recorded on computer networks known as “blockchains.” These networks operate in a decentralized and physically distributed manner. The massification of tokenization can facilitate and increase the liquidity of certain illiquid assets, facilitating their transactionality and democratization. Its benefits are linked to cost reduction, increased operational efficiency, as well as reducing information asymmetry. It highlights the important advance of tokenization in the financial world which not only represents a technological trend but also a tool towards inclusion for those who promote it.
Open Finance: what advances will be presented this week
Another of the projects promoted by the Fintech Chamber It is linked to 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.
The objective of this initiative is encourage competition between financial providers, improve the accessibility and personalization of financial services and facilitate digital onboarding and reduce transaction and fraud costs.
At the fintech summit, which will have more than 60 speakers, the aim will be to advance the debate between the different actors, in addition to making a diagnosis of the situation. The objective will be to start with a model of dialogue and collaboration between entities to develop a own and adapted system, with a secure data exchange approach.
“Argentina Fintech Forum” It will take place this Wednesday, October 30, from 9 a.m. at the Usina del Arte. More than 2,000 attendees will participate, where some of the guests are:
– Santiago Bausilli, president of the Central Bank.
– Roberto Silva, President of the National Securities Commission
– Alberto Mendoza, Director of the Financial Information Unit.
– Pierpaolo Barbieri, Ualá.
– Rafael Soto, CEO of MODO, among others.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
