Fintech 3.0 in Latin American countries: Challenges and recommendations

The development of financial technologies can be divided into three stages, the third, called fintech 3.0, refers to the incursion of emerging companies that are entering to compete with large traditional financial companies. Of course, this global technological phenomenon imposes new challenges with respect to the regulation and the supervision of financial markets. However, in the case of Latin American countries, achieving greater development of fintech 3.0 involves a series of special challenges due to the obstacles imposed by the high concentration of the region's financial markets and the way in which regulation is designed in each country. In this order, the article suggests some regulatory recommendations to facilitate greater development and penetration of fintech 3.0 in the region.