The president of Central Bank of Uruguay (BCU), Diego Labat, He referred to the role of fintech in the financial system and highlighted that in the country “there is room to develop the financial system while maintaining that well-earned solidity.”
In turn, the recognized owner of the BCU ruled out that there is an opposition between the role of banks and financial technology companies by considering that “we are going towards collaboration”, for which he promised that the BCU give “guides and signs” to the sectors.
During the “CUTI Business Forum 2023” meeting, which brought together business leaders, entrepreneurs and specialists in the Technological Laboratory of Uruguay (LATU) of Montevideo, Labat He valued that the regulation of the financial system in the country generates “a level playing field” to contribute to the collaborative development of the industry.
On the panel, he was accompanied by the director of Free market, Osvaldo Gimenez; the advisor in Strategic and Legal Projects of dLocal, Nadia Yavitz; and the secretary general of the Uruguayan Chamber of Information Technologies (CUTI), Amílcar Perea.
Collaboration and rules of the game
“Today it is clear that we are moving towards collaboration, where each one will occupy their place and their role, with an increasingly collaborative environment,” said the leader and added: “There will be those who are successful and those who are not, but it is important. have a level terrain, with ease of entry and without barriers.”
About the performance of BCU He indicated that “a bank or a fintech does not necessarily fulfill all the functions,” so he stated: “One has to see each player and, from there, start regulating.”
Stability and development
Regarding the financial system, Labat considered that “sometimes stability is seen in contrast to development” and countered: “I say that in Uruguay “There is room to develop the financial system while maintaining that well-earned solidity.”
It is in that line that the BCU tries to “give guides and signals about where regulation is going, so that the private sector finds places to innovate and develop,” he said. Labat and then state that “the role of central bank “It is facilitating, leveling the ground, encouraging and motivating the actors.”