Finsocial will request a license to operate as a digital bank in the Colombian financial market

In a previous note, We inform that Nubank would be planning to enter the Colombian financial market, as well as banks such as Lulo Bank, JP Morgan and BTG Pactual, being that the latter have already been advancing the banking license applications; However, now a new participant would be about to join: Finsocial, which is known as "Colombian fintech that provides credit solutions to public sector teachers, pensioners, independent workers and women entrepreneurs, working to create new opportunities for financial inclusion and social innovation".

Indeed, according to the portal Colombia Fintech, Santiago Botero, CEO of Finsocial, would have confirmed that the company is awaiting the confirmation of a new partner in order to request the respective license from the Financial Superintendence, and to become a 100% digital bank for the first half of next year. Likewise, the aforementioned portal states that it would be confirming that the only two neobanks, so far, would be Finsocial and Lulo Bank, clarifying that Nubank will not yet function in Colombia as a bank.

Likewise, Botero mentioned that Finsocial has been creating products that allow supporting the economic development of sectors affected by the crisis, being “FinsoAmigo”, “Finsoalivio” and “FinsoTienda”, three initiatives launched in times of pandemic.

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Carlo Palomino
Bachelor from the National University of San Marcos (UNMSM). With interest in Digital Law and New Technologies. I endorse the phrase: "Knowledge is useful as it is shared." Contact: carlo.palomino19@gmail.com

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