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Colombia: financial institutions can invest in fintech companies
In order to maximize the benefits that innovation brings to the finance industry and thereby to increase people’s access to financial services, the Colombian Ministry of Finance issued Decree 2443 of 2018, authorizing credit establishments, financial service firms and capitalization associations to acquire holdings in the share capital of domestic or international companies that have as their sole purpose to develop and apply innovation and technologies connected with the corporate purpose of the supervised entities.
This Decree also establishes that these financial innovation and technology companies will not be able to provide financial services or acquire shares in the credit establishments, financial service firms and capitalization associations that hold shares or units in their capital.
The wording of the Decree, which takes effect immediately, can be consulted at the following link