PERU Trends and Developments Contributed by: Lisbeth Benavides and Antonella Tirado, Miranda & Amado
Market Entry and Cross-Border Services Entry of new fintech actors The Peruvian fintech market continues to attract sig - nificant interest from international PSPs and technol - ogy companies. The Open Finance Roadmap explic - itly recognises that fintech companies represent a driving force for fostering innovation and providing users with greater control and value in the use of their information. This trend is evidenced by the increas - ing number of international payment platforms, cryp - tocurrency exchanges, digital wallets, and acquiring service providers that have explored or implemented payment services in the Peruvian market in recent years, reflecting the growing appeal of Peru’s fintech ecosystem. For international companies seeking to establish operations in Peru, a comprehensive regulatory analy - sis is essential to determine the appropriate corporate structure and licensing or registration requirements, if applicable. The process typically involves: • evaluating the business model; • assessing whether the entity requires authorisation or merely registration before a regulator in Peru; and • ensuring compliance with the applicable regulatory framework, including consumer protection, data protection, and anti-money laundering require - ments. Ensuring regulatory compliance For new fintech actors entering the Peruvian market, understanding the regulatory environment is essen - tial, particularly as the sector is undergoing signifi - cant transformation without yet having a fully defined modular regulatory framework. Unlike jurisdictions with consolidated fintech-specific legislation, Peru’s approach involves multiple regulatory bodies and overlapping frameworks that continue to evolve, including the new payment system regulations, sand - box mechanisms, open finance initiatives, and forth - coming developments. In this dynamic context, companies must proactively evaluate the applicability of various regulatory regimes to their specific business models to mitigate compli - ance risks.
Key areas requiring assessment include: • consumer protection regulations; • personal data protection requirements; • payment services regulations under the BCRP framework; and • anti-money laundering and counter-terrorism The cryptocurrency and stablecoin market in Peru has experienced significant growth in recent years, driven by increasing consumer adoption and growing inter - est from participants. While the SBS has incorporated Virtual Asset Service Providers (VASPs) incorporated in Peru as obligated subjects under anti-money laun - dering and counter-terrorism regulations, broader aspects of the digital asset ecosystem remain without comprehensive regulation. As the market continues to gain ground and becomes more integrated, it is increasingly likely that Peruvian regulators will evalu - ate expanding the regulatory framework to address additional concerns such as investor protection and market integrity. Financial Inclusion Impact Peru’s fintech regulatory developments are linked to the country’s financial inclusion agenda. According to the SBS’s Open Finance Roadmap (February 2026), despite significant advances – with the percentage of adults holding an account or digital wallet increasing from 41% to 67% between 2019 and 2024 – gaps remain in access to financial products. Only 33% of adults maintain credit in the financial system, and only 28% of MSMEs access formal credit, according to data from the Ministry of Production. financing (AML/CTF) obligations. Cryptocurrency and stablecoins The rapid adoption of digital wallets further illustrates the potential for fintech-driven inclusion. Digital wal - lets have emerged as transformative instruments in Peru’s financial ecosystem, fundamentally chang - ing how consumers interact with financial services. The accessibility and ease of use of digital wallets have made them particularly attractive to segments that previously had limited engagement with formal financial services. Furthermore, digital wallets serve as a gateway to broader financial participation, as users who begin with simple transfers often progress
617 CHAMBERS.COM
Powered by FlippingBook