Colombia Fintech says digital banks in Colombia face the same oversight as traditional ones
After the intervention of a digital bank in Paraguay, Gabriel Santos, president of Colombia Fintech, told La FM that what happened does not reflect a failure of the digital banking model and that, based on the known elements, there would be criminal actions and alleged financial irregularities. He argued that in Colombia digital entities have the same supervisory obligations as traditional banks and that Fogafín has a deposit insurance scheme for savers at registered institutions.
In 40 seconds
- Santos said the Paraguay case is not a reflection of the digital banking model, but of alleged criminal actions and financial irregularities.
- According to the guild, oversight in Colombia depends on the type of financial activity, not on whether the entity operates through branches or an app.
- Fogafín has a deposit insurance scheme that protects savers' funds at registered institutions, within limits and conditions.
Read the full story at La FM
IASummary generated by artificial intelligence from a story by La FM. It may contain errors: the original source prevails.
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