Creating the regulatory framework for Fintech in Costa Rica

Creating the regulatory framework for Fintech in Costa Rica

Authors

  • Andrea Oconitrillo Rojas

DOI:

https://doi.org/10.22458/rna.v14i1.4785

Keywords:

Framework, Fintech, regulatory

Abstract

This article will describe the elements of the FinTech roadmap that the Superintendencies, the National Council for Supervision of the Financial System (CONASSIF), and the Central Bank of Costa Rica (BCCR), have been implementing for the design of a regulatory framework for FinTech in the country. Special attention will be given to the recently created “Centro de Innovación Financiera (CIF)” and the description of a possible vision for the future.

The views and opinions expressed here are those of the author and do not necessarily reflect the official position of any of her associated institutions.

References

Banco Central de Costa Rica (BCCR) . “2022 Annual Memory”. Modify on 2023. https://www.bccr.fi.cr/publicaciones/DocMemoriaAnual/Memoria_Anual_2022.pdf

Banco Interamericano de Desarrollo (BID) & FINNOVISTA. “Fintech en Costa Rica: Hacia una evolución de los servicios financieros”. Modified on June 2019. https://www.finnovista.com/informe/fintech-costa-rica-hacia-evolucion-servicios-financieros/

Cambridge Centre for Alternative Finance (CCAF), World Bank and World Economic Forum. “The Global Covid-19 FinTech Market Rapid Assessment Report". Modified on 2022. https://www3.weforum.org/docs/WEF_The_Global_Covid19_FinTech_Market_Rapid_Assessment_Study_2020.pdf

Centro de Innovación Financiera (CIF). “Lanzamiento del Centro de Innovación Financiera”. Modified on April 19th, 2022. https://www.cif.cr/wp-content/uploads/2022/04/Presentacion_CIF_Lanzamiento.pdf

CFA Institute Research Foundation. “Fintech and RegTech in a Nutshell, and the Future in a Sandbox”. Modified on 2017. https://www.cfainstitute.org/-/media/documents/article/rf-brief/rfbr-v3-n4-1.pdf

Financial Stability Board (FSB). “Financial Stability Implications from FinTech”. Modified on June 27th, 2017. https://www.fsb.org/wp-content/uploads/R270617.pdf

Grupo FinTech of BCCR, CONASSIF & superintendencies in Costa Rica. “Informe del Grupo FinTech: Estado de situación de la industria FinTech en Costa Rica, acciones y recomendaciones”. Modified in October, 2020. https://www.cif.cr/wp-content/uploads/2022/04/Informe-Grupo-FINTECH-Segunda-Parte-v2.1.pdf

Johannes Ehrentraud, Denise Garcia Ocampo, Lorena Garzoni & Mateo Piccolo, “Policy responses to fintech: a cross-country overview”, FSI Insights on policy implementation of the Financial Stability Institute (FSI) Bank for International Settlements (BIS). n˚. 23 (January, 21): 2. https://www.bis.org/fsi/publ/insights23.pdf

Misión Lunar. “Snapshot del ecosistema FinTech Centroamérica y el Caribe 2023”. Modified on July, 2023. https://www.misionlunar.com/reporte-fintech-regional

Promotora de Comercio Exterior de Costa Rica (ROCOMER).“Mapeo de la oferta FinTech en Costa Rica”. Modified on May 2022. http://sistemas.procomer.go.cr/DocsSEM/8DA6737A-F25F-4BA5-AB9E-DEB9B884621B.pdf

Published

2023-06-30

How to Cite

Oconitrillo Rojas, A. (2023). Creating the regulatory framework for Fintech in Costa Rica. The National Administration Review, 14(1), e4785. https://doi.org/10.22458/rna.v14i1.4785
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