Nubank aims to start operations in Colombia

The most important digital bank in Latin America, Nubank, will be close to entering the Colombian market, according to the newspaper The Republic from Colombia. The neobank originally from Brazil is led by David Vélez, a Colombian national, who currently serves as CEO of the company.

According to the evidence that the aforementioned newspaper has gathered, although there is still no application for a banking license under the name of Nubank, there is a registration with the Superintendency of Industry and Commerce of the commercial name Nu Colombia SA since last year, as well as the appointment of Vélez as general manager of said company. In addition, they pointed out that the trademark Nu Colombia is registered in the Colombian Commercial Registry to carry out financial service activities; as well as the registration of trademarks, commercial slogans and distinctive signs related to the financial products that they will offer.

Likewise, it has been mentioned that the following banks would also enter the Colombian financial market: Lulo Bank, JP Morgan and BTG Pactual. Being that, Lulo Bank would already have the approval of the banking license by the Financial Superintendency of Colombia, while, for the moment, JP Morgan and BTG Pactual have submitted the application to the aforementioned superintendency, so it is expected that answers will be available by the end of the year.

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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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