Colombia: Colombian congress approves Financial technology license fast track

On May 2nd, Colombian senate decided to adopt the National Development Plan (NDP) document allowing conditional licenses for the Financial technology industry needing to conduct supervised financial activity.

With this mechanism, businesses such as neobanks, digital insurers, among others will no longer have to wait out an extensive and overloaded licensing process. Nonetheless, the Financial Superintendence of Colombia will be in charge of allowing them to operate temporarily for up to two years before granting a full license.

In accordance with article 171 of the NDP,  Financial technology may obtain a certificate to operate temporarily, provided they comply with certain requirements such as: minimum capital, and collateral would be subject to regulations.