Colombia fintechs criticize proposed crowdfunding rules

Colombia's fintech industry chamber said planned new regulations governing crowdfunding platforms would hinder the development of the segment.

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The chamber, known as Colombia Fintech and founded in 2016, has published a manifesto detailing the impact of the draft new rules - drawn up by the finance ministry's financial regulation unit - if they are approved unchanged.

The manifesto was drafted by 10 of Colombia Fintech's 60 members - among them crowdfunding platforms Alfuenta, Kuanto and Ideame - and its legal partners.

Colombia Fintech, for example, says authorities have not proposed separate rules for equity crowdfunding and loan crowdfunding platforms - and that these are needed. It also claims the draft regulations would make it difficult for platforms to become officially monitored entities and that the regulations would tend to isolate Colombia's crowdfunding market.

Alternative finance is a growing sector in Latin America and the Caribbean (LAC).

In LAC, alternative finance markets grew 209% to US$342mn in 2016, according to the 2017 Americas Alternative Finance Industry Study, conducted by the universities of Cambridge and Chicago. Marketplace/P2P business lending remained the largest alternative finance market segment with US$189mn registered in 2016, an increase of 239% over 2015.

Last year the Inter-American Development Bank said the growth of fintechs presents challenges for regulators but that new rules should promote competition and innovation.

In January, Argentina's securities watchdog CNV introduced rules which state that crowdfunding platforms must be formally established as public limited companies. The country's central bank has said it is not planning - at least during the administration of President Mauricio Macri - to regulate fintechs that offer money-lending services to the public.

Puntuación
Posición en Iberoamérica
1
Juan Esteban Saldarriaga
Vice President at Alianza FinTech Iberoamerica | Co-Founder Rapicredit | ColombiaFinTech.co
24.4
5
2
Edwin Zácipa
Executive Director at Colombia FinTech | Managing Partner MiBank.co | Founding Member FinTech IberoAmérica
20.4
17
3
Diego Molano
Consultor internacional en temas de TIC e innovación
19.4
18
4
David Velez
Founder and CEO at Nubank
17.0
27
5
Martin Schrimpff
Co-Founder of Zinobe | Founder of PayU | Founder Pagosonline.net
15.6
32
6
Ángel Sierra
Director Ejecutivo en Asociación FinTech e InsurTech de Chile | Member of Alianza FinTech Iberoamerica
14.8
39
7
Paula Cardenas
Business Manager at AEFI | Founder Member FinTech IberoAmérica
14.5
42
8
Clementina Giraldo
FinTech & AgTech in Latin America
11.8
60
9
Juan Francisco Schultze-Kraft
Board Member – Vicepresident at Colombia FinTech | PayU Legal
11.4
63
10
Daniel Rojas
CEO & Co-Founder at Rocket.la
10.1
69
11
Alan Colmenares
Digital Transformation Enablement – Latam at Microsoft
7.3
89
12
Laura Gaviria Halaby
Global Head FinTech Acceleration at Citi | Chief Acceleration Officer at TheVentureCity
6.3
101
13
Diego Alejandro Guzman Guevara
CEO and Co Founder at Bankity
6.2
104
14
Andres Ramirez Sierra
CEO at Banlinea LATAM
6.2
105
15
Daniel Navarro
CEO & CoFounder at NIMMÖK
6.1
109
16
Fernando Sucre
CEO at ComparaMejor
5.9
110
17
Andres Villaquiran
Founder & CEO Alkanza
5.3
119
18
Carlos Castañeda Olaya
Open innovation leader at Accenture | Country Manager at Wayra
5.2
123
19
Marisol Camacho
Director of Corporate Relations at Bancóldex | Director of Mindset at iNNpulsa Colombia
4.6
131
20
Felipe Valencia
Partner at Veronorte
3.7
143
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Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Colombia Fintech, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la Asociación. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.