## Fintech in Latin America and the Caribbean: Stocktaking

_IMF Working Papers, March 26, 2019_

## Source details

**Canonical URL:** [Fintech in Latin America and the Caribbean: Stocktaking](https://www.imf.org/en/publications/wp/issues/2019/03/26/fintech-in-latin-america-and-the-caribbean-stocktaking-46677)

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## Bibliographic details
- Authors: Pelin Berkmen, Kimberly Beaton, Dmitry Gershenson, Javier Arze del Granado, Kotaro Ishi, Marie S Kim, Emanuel Kopp, Marina V Rousset
- Published: March 26, 2019
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781498303248.001

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### Overview
- In Latin America and the Caribbean (LAC), financial technology has been growing rapidly and is on the agenda of many policy makers.
- Fintech provides opportunities to deepen financial development, competition, innovation, and inclusion in the region but also creates new and only partially understood risks to consumers and the financial system.
- This paper documents the evolution of fintech in LAC with a focus on multiple thematic areas (listed below).

### Key focus areas covered by the paper
- Financial development.
- Fintech landscape for domestic and cross border payments and alternative financing.
- Cybersecurity.
- Financial integrity and stability risks.
- Regulatory responses.
- Considerations for central bank digital currencies.

### Substantive findings and themes
- Opportunities:
  - Fintech can deepen financial development in LAC.
  - Fintech can enhance competition and innovation in financial services.
  - Fintech can promote financial inclusion across the region.
- Risks:
  - Fintech creates new and only partially understood risks to consumers.
  - Fintech creates new and only partially understood risks to the financial system.
- Specific topical emphases:
  - Domestic and cross border payments.
  - Alternative financing channels (including Peer to Peer and electronic money solutions).
  - Cyber regulation and cyber risk.
  - Financial stability and integrity considerations.
  - Interactions with monetary policy and central banking (including central bank digital currencies).

### Policy considerations and regulatory responses
- The paper documents regulatory responses in LAC aimed at addressing:
  - Cybersecurity and cyber regulation.
  - Financial regulation focused on financial stability and integrity.
  - Market structure and competition issues emerging from Fintech firm activity.
  - Considerations for central bank digital currencies and legal tender implications.

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## Content in this bundle

- **Working Paper**
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_Source: https://www.imf.org/en/publications/wp/issues/2019/03/26/fintech-in-latin-america-and-the-caribbean-stocktaking-46677_