PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
Rubio Leguía Normand Av. Dos de Mayo 1321 San Isidro Peru Tel: +51 1 208 3000 Email: abogados@rubio.pe Web: www.rubio.pe
1. Fintech Market 1.1 Evolution of the Fintech Market Developments in the Past 12 Months In recent years, Peru has witnessed signifi - cant regulatory and market developments in the fintech sector, aimed at fostering financial inclusion, digital transformation, and regulatory oversight. Key trends and changes include the following. • Expansion of digital banking – amendments to the Banking Law ( Ley General del Sis- tema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros ) have enabled financial institutions to operate entirely digitally. This shift allows for the emergence of 100% digital banks, reducing costs and increasing accessibility for consumers. • Creation of credit companies – a new cate - gory of financial entities, known as Empresas de Créditos , has been introduced, allowing specialised financial institutions to engage in activities such as factoring, financial leasing, and guarantees. • Interoperability in digital payments – regula - tions promoting interoperability between financial service providers have been imple - mented to enhance competition and financial inclusion. This move allows users to transfer
funds across different digital wallets and banks seamlessly. • Regulation of card payment agreements – the Central Reserve Bank of Peru (BCRP) has established new rules for payment agree - ments involving financial institutions and card issuers to increase transparency and compe - tition in electronic payments. Key Issues Impacting the Next 12 Months Several factors will shape the Peruvian fintech landscape in the coming year, including regula - tory advancements, technological integration, and market competition. The most pressing issues include the following. • Potential cryptocurrency regulation – a bill introduced in 2021 proposes a framework for cryptocurrency regulation, defining virtual assets and establishing registration require - ments for crypto-related businesses. • Progress in open finance – a proposed bill to implement open finance models remains under discussion. The Superintendencia de Banca, Seguros y AFP (SBS) has suggested expanding the initiative beyond traditional banking to include all supervised financial sectors, facilitating secure data-sharing mechanisms. • Consumer protection in digital lending – with the rise in identity fraud cases involving digital
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