PERU Trends and Developments Contributed by: Andrés Kuan-Veng and Luis Ernesto Marín, Rubio Leguía Normand
Rubio Leguía Normand Av Dos de Mayo 1321 San Isidro
Lima Peru Tel: +51 1 208 3000 Email: abogados@rubio.pe Web: www.rubio.pe
Introduction In recent years, Peru’s financial sector has undergone significant regulatory transforma - tions, aligning with international standards and embracing innovations to enhance finan - cial inclusion and the stability of the economy. Key regulatory developments have focused on strengthening banking compliance, promoting digital financial services and integrating tech - nologies such as AI and central bank digital cur - rencies (CBDCs). These changes are not only shaping the future of banking in Peru but are also paving the way for broader access to finan - cial services, driving competition and fostering a more inclusive financial ecosystem. Below is an overview of the most notable regulatory updates and innovations in Peru’s financial sector, focus - ing on Basel III compliance, open banking, finan - cial portability, interest rate caps, retail payment networks, and the use of AI in banking, among other initiatives. Strengthening Basel III Compliance Peru continues to integrate Basel III standards into its banking regulatory framework. The focus remains on enhancing capital adequacy, liquid - ity and risk management practices tailored to the local financial ecosystem. Legislative Decree
No 1531 has solidified these efforts, particularly through revised minimum capital requirements and the introduction of conservation buffers for economic cycles and market concentration risks. The Superintendencia de Banca, Seg- uros y AFP (SBS) issued new regulations fur - ther aligning regulatory practices with interna - tional standards while addressing local market nuances. This process is expected to continue over the coming years, as outlined in the pru - dential regulatory agenda published by the SBS in December 2023. Open Banking and Financial Inclusion The potential of open banking has been recog - nised in Peru as a catalyst for innovation and financial inclusion. The development of open banking and open finance in Peru is still in its early stages, with regulatory efforts underway to foster an ecosys - tem that drives financial inclusion and promotes innovation. In March 2022, a group of congress - men submitted Law Proposal No 1584/2021- CR, which aims to declare the national interest and public necessity of implementing a public policy to promote the widespread adoption of open banking. This proposal seeks to delegate
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