The 2008 financial crisis prompted a review of regulations in the banking sector. As a result, new entities entered the market offering digital solutions that combine traditional services with opportunities inherent to the online financial market.
Entities should begin preparing for IFRS 18 ‘Presentation and Disclosure in Financial Statements’ sooner rather than later. Changes from IAS 1 ‘Presentation of Financial Statements’ could have a significant impact on the financial statements.
The Central Bank of the Argentine Republic (BCRA) issued a statement addressed to Fintech companies announcing modifications to the current regulations for payment service providers.
The Central Bank of the Argentine Republic (BCRA) released in March 2023 a new statement of minimum requirements for the management and control of information technology and security risks, which will replace Com. A4609. Find out in this article what are the new regulations.
The financial sector is not isolated from other human activities. Being so regulated and historically dominated by big players, there is resistance and changes tend to be delayed, but they must inevitably serve the new client: millennials, centennials and baby boomers, who have different ways of consuming, know technology, understand the risks, require immediacy, agile experiences, interoperability, etc. This is a fertile field for fintechs.