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Colombia Watch: Cybersecurity accord, cryptocurrency bill

Bnamericas Published: Monday, May 13, 2019
Colombia Watch: Cybersecurity accord, cryptocurrency bill

Colombian banking association Asobancaria and telecom and IT chamber CCIT inked a cybersecurity-focused collaboration agreement.

The accord centers on real-time information sharing, the aim of which is to help enhance cyber-defense capacity, local business paper Portafolio reported.

The move comes as more Colombians do their banking online. In March, financial services watchdog Superfinanciera revealed that, last year, internet banking surpassed branches for the first time ever in terms of number of transactions and the amount of money moved.

Banking heavyweights including Bancolombia and Grupo Aval are sharpening their focus on digital channels and offloading physical branches.

Asobancaria chief Santiago Castro (pictured) said the CCIT deal would help create a “collaborative ecosystem” and support efforts in the area of risk anticipation and management, according to the paper.

His counterpart at CCIT, Alberto Samuel Yohai, added that the deal would help build trust among existing users of digital platforms and support wider efforts to get more people using them.

ALSO READ: A Silver Lining Within LatAm Cyberattack Cloud

ALSO READ:Beyond Fintechs: The Digital Transformation of LatAm Banks

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Lawmakers have presented a cryptocurrency bill that introduces rules for trading platforms.

One of the bill backers, Mauricio Toro of the opposition center-left Alianza Verde party, said a flexible and robust regulatory framework was required. He cited the need to help spur the technological development of the country while ensuring the cryptocurrency system is not used for the likes of money laundering.

Legislators consulted sector experts when drafting the bill, Spanish state news agency Efe reported.

Local fintech association Fintech Colombia has two cryptocurrency trading platforms among its members. 

In Colombia, certain players, such as crowdfunding platforms, need authorization from Superfinanciera to enter the financial services arena. To help spur innovation and the digital economy, Colombia is due to introduce fast-track rules for these types of ventures.

Financial and technological innovation is a key part of efforts to reduce barriers to financial inclusion which, in turn, is a focus of development initiatives in Colombia.

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