Financial watchdog proposes m-banking regulation

Wednesday, June 8, 2011

Guatemalan financial services regulator SIB has proposed a bill to regulate mobile banking transactions, the authority said in a statement.

The proposed regulation includes general provisions that banks must meet to implement this banking model, such as developing a business model, which banks will have 10 days to submit after the regulation's adoption.

Another aim is for banks to submit to the SIB information related to mobile banking operations. Additionally, it seeks that banks permanently disclose to the public, in its agencies and facilities, information on procedures, fees and other charges related to these services.

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On average, there are 1.5 mobile lines per capita in the country, while bank penetration levels are close to 30%. SIB's research department supervisor for policy development, Jorge Soto, believes that once this m-banking regulation is approved, growth potential for the banking sector could reach 50%.

The initiative now has to be reviewed by the country's monetary board.

To read the full document with the proposed regulation, in Spanish, follow this link