However, the Superintendency of Banking, Insurance and AFP (SBS) wants to banish that idea, with the announcement of new entrants in an amount not seen in decades, when, little by little, new financial institutions emerged or entered. The schemes of sandbox and open banking that the supervisor is beginning to develop.
Regarding the new players, the deputy superintendent of banking and microfinance of the SBS, Jorge Mogrovejo, revealed the existence of up to seven financial entities and two digital wallets that are about to enter Peruin addition to electronic money issuers.
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Discharge
Of those that are in the ongoing licensing process, he mentioned a bank that wants to be corporate, another that aims to be a digital bank (Revolut would be in the mix) and a financial company that will dedicate itself to granting microcredits. In addition, there is a credit company – formerly edpyme – and electronic money issuer (EEDE) that also seeks to have digital wallet and offer consumer financing and remittance sending. An applicant credit company would engage in leasing; while another electronic money issuer that would operate a digital wallet is also processing its license.
There is also advanced interest in creating two additional credit companies and dos EEDEaccording to the official. These are processes that are favored by the interoperability framework that the BCR has been promoting for almost three years, “which has generated interest in more digital wallets,” said Mogrovejo.
“This (the new entrants to the financial system) is to (refute) those who say that there is no competition, that new players do not enter to compete,” he emphasized during the Peru Banking & Finance Summit 2025: The Future of Banking at a Global and Local Level, organized by El Dorado Investments.
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Fintech
Along this path, he also highlighted the public consultation for the modification of the regulations for the temporary carrying out of activities in novel models (Sandbox)which allows, in addition to the companies supervised by the SBS, companies that are not under its scope, such as fintech companies, to present proposals for product testing, with potential application in the financial system.
Also, reported on the launch of the open finance project, which in the open banking phase would make it possible for clients who have their information in the financial system to voluntarily allowwhich is shared with other institutions, which in turn could offer them products and services with advantageous conditions.
Information to the consumer and their impeccable consent for their data to be shared will be important in this process, he said. The objectives of these new structures are promote financial inclusioncompetition and innovation and empower the user in the use of their information.
“If the client finds an advantage in another financial institution being able to use their data, they have every right,” stressed the superintendent.
With high commodity prices the country should grow 7% or 8%.
Prudence
Bank CEOs agreed that greater competition is beneficial for the financial system and consumers.
The CEO of BCP, Diego Cavero, also said that the financial system is prudent in risk management, and that this bank in particular seeks diversification, an objective that is feasible due to its transactional nature, with the emergence of channels such as Yape.
Regarding macroeconomic performance, he maintained that with the high prices of commodities The country should grow 7% or 8%, although it will only do so by 3%. “(…) Frustrated because we must grow much more,” he acknowledged.
In turn, the CEO of Interbank, Carlos Tori, stated that coherence is required between the MEF and Congress regarding fiscal discipline.
And his counterpart from Scotiabank Peru, Sebastian Arcuri, called attention to the infrastructure deficit in the country of more than US$ 100,000 million.
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