As the COVID-19 pandemic continues to take its toll in all aspects of life, more individuals and businesses are seeking safe, dependable ways to access loans, credits, and governmental aid. This has caused the amount of financial technology (fintech) startups to grow worldwide in 2020, despite numbers being rather stagnated over the two previous years. Prior to the pandemic, Mexico and Brazil were the hot spots of Latin America’s fintech industry, housing over three hundred fintech startups each. However, the coronavirus crisis has also boosted these technological businesses in new and emerging markets. As of mid-2020, for instance, fintech was one of the top technology sectors in Peru believed by entrepreneurs to have benefited the most from the pandemic. And as each year passes, more Peruvian population hops on the fintech bandwagon, proving the South American country to be a fruitful market for the industry.
However, current regulations and the political context have slowed the entry of regional leaders in the sector who aspire to enter the Peruvian market, as shown in the table. The current government wants to accelerate to obtain extraordinary powers to legislate and modify the regulatory framework. If this objective is achieved, the exponential growth of the fintech sector in our country is expected
Peru has made progress little by little in regulating Peruvian fintech. At the beginning of 2020, Emergency Decree 013-2020 was published, which touches on a chapter on crowdfunding for companies.
However, the current government is taking measures in financial matters. Measures will be taken to strengthen and expand the functions of the Banco de la Nación; promote greater competition in the provision of transportation and custody of money and securities; adapt the regulations applicable to companies in the financial system related to the composition of effective equity; increase the cap on fines that may be imposed by the Superintendency of Banking and Insurance and encourage greater competition from the entities under its supervision.
Leading Companies (2)
|5||KAMBISTA||Seed / 80k|
|8||INNOVA FUNDING||Seed / 75k|
- Superintendencia de Banca y Seguros https://www.sbs.gob.pe/
- Asociacion Fintech del Peru https://fintechperu.com/#/