PERU Trends and Developments Contributed by: Andrés Kuan-Veng and Luis Ernesto Marín, Rubio Leguía Normand
is to facilitate access to and use of digital pay - ment services for the unbanked population. The first pilot will last one calendar year, with the possibility of extending it for another year. Use of AI in Banking The banking industry in Peru is undergoing accelerated transformation, driven by the adop - tion of AI. AI adoption in Peru has been gradual, increasing in recent years, largely due to rising digitalisation, data availability and the need to enhance operational efficiency. In this context, AI has become a key pillar for competitiveness in the financial sector. Its inte - gration is enabling the personalisation of servic - es, automation of processes and anticipation of risks. In Peru, Law No 31814 promoting the use of AI came into effect in July 2023. This Law aims to advance AI within the national digital transfor - mation process, prioritising human dignity and respect for human rights while fostering eco - nomic and social development in a safe envi - ronment that guarantees ethical, sustainable, transparent, replicable, and responsible AI use. The Law defines AI as an emerging general-pur -
pose technology with the potential to improve people’s well-being, contribute to sustainable global economic activity, enhance innovation and productivity, and help address key global challenges. The Law sets principles for AI development and usage, including security standards based on risk, a pluralistic approach to participants, governance of the internet, digital society and ethical development for responsible AI. This Law aims to be an enabling framework, with minimal regulation based on principles that will serve as a foundation for more complex reforms in spe - cific areas such as constitutional rights, crimes committed by AI, civil responsibility, data protec - tion, misinformation, intellectual property rights and more. Outlook The regulatory trajectory in Peru reflects a com - mitment to modernisation, alignment with global standards, and the promotion of inclusive, sus - tainable financial practices. Stakeholders in the banking and fintech sectors should remain pro - active, leveraging regulatory changes as oppor - tunities to innovate and grow in a competitive yet increasingly resilient market.
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