PERU Trends and Developments Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
(VASPs) in the context of anti-money laundering (AML) compliance. There is ongoing debate over which agency should oversee crypto regulation. Open finance and data-sharing regulations As part of its broader open finance initiative, Peru is considering regulatory measures that would enable financial institutions to share customer data securely with third-party providers. While still in early discussions, this model – if imple - mented – could drive increased competition and facilitate more personalised financial services. The BCRP has been actively exploring the tech - nological and regulatory infrastructure necessary to implement open finance, working closely with industry stakeholders to ensure a secure and competitive ecosystem. Emerging trends in the fintech landscape The expansion of digital lending Digital lending continues to be one of the most active fintech verticals in Peru. The integration of AI-driven credit scoring models and alterna - tive data sources has made credit more acces - sible to underserved populations. At the same time, the Buy Now, Pay Later (BNPL) model has gained popularity, particularly among younger consumers and small businesses looking for flexible payment options. Growth in digital payments and QR adoption Peru has experienced a steady decline in cash usage, with QR code payments emerging as a preferred transaction method for both merchants and consumers. The entrance of foreign fintech firms into the Peruvian market has increased competition in the payments space, driving fur - ther adoption of digital wallets and innovative payment solutions.
The rise of AI in financial services Artificial intelligence is playing an increasingly significant role in fintech, particularly in fraud prevention, risk assessment, and customer personalisation. Additionally, regtech (Regula - tory Technology) solutions are being adopted by financial institutions to automate compliance processes and improve reporting efficiency. Challenges and opportunities Key challenges • Access to capital – many fintech start-ups struggle to secure investment at later funding stages. • Cybersecurity risks – as digital transactions increase, so do concerns over fraud and data breaches. • Regulatory uncertainty – the lack of a cohe - sive regulatory framework for certain fintech activities creates operational challenges. Opportunities • Embedded finance growth – more non- financial companies are integrating financial services into their platforms. • Financial inclusion expansion – fintech solu - tions continue to address gaps left by tradi - tional banks. • Regulatory advancements – potential new rules for open finance and cryptocurrencies could provide fresh market opportunities. Peru’s fintech sector is experiencing rapid growth, supported by progressive regulatory changes, increasing digital adoption, and great - er technological innovation. While challenges remain – particularly in regulation and capital access – the industry continues to evolve, pre - senting opportunities for both local and interna - tional players.
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