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No images? Click here Did someone forward you this email? Get your own copy here  July 8, 2022 #TopStory 🔝 Crypto sandbox advances in Colombia as regulator raises security standardsDespite the increased volatility in cryptoassets, the Financial Superintendency of Colombia (SFC) says its is making progress with its regulatory sandbox, where banks, fintechs and exchanges experiment with crypto operations. One of the SFC’s top priorities is strengthening security and transparency measures in the testing environment. A key “We’re working on a draft external circular from the Superintendency that’s going to include these additional aspects that supervised entities should require when linking crypto providers to the financial system,” said Ana María Zuluaga, coordinator of the SFC’s financial innovation group, at an iupanaPro event this week. Sandbox participants test The SFC also wants to improve money laundering prevention, risk management, cybersecurity and compliance with Financial Action Task Force (FATF) guidelines. The crypto winter has underlined the strong volatility of cryptocurrencies and reinforced the regulator’s cautious approach. “A bitcoin, a dodgecoin, an ether—in reality they are not backed and they are not conceived as a financial asset. We’ve always understood that, since they However, the SFC remains open to new financial models. It’s overseeing a pilot issuance of a tokenized bond for the Second Market, which is a space for buying and selling securities for small companies using blockchain technology.  Content from Temenos BNPL leads the Revolution in Payment Options Banks are well-positioned to compete with Fintech BNPL providers by allowing customers to defer or stagger payments at point of purchase. We invite you to read our e-book to learn more about how BNPL is revolutionizing the payments market offering unique benefits for you. #Regulation ⚖️🇵🇪 Responsible payer law in Peru: warning of adverse effect on credit growthExperts says the bill seeks to regulate something that’s already regulated, highlighting that price controls in the banking industry could lead to greater financial exclusion 🇦🇷 Argentine banks propose tax changes to boost digital moneyThe banking association presented a series of tax, technological and regulatory initiatives that experts say are urgently needed to stem the use of cash. 🇦🇷 Argentina moves to strengthen money laundering prevention—with an emphasis on virtual transactionsThe reform bill seeks to comply with FATF standards, while reinforcing the FIU’s control function over crypto exchanges. #StrategicPlays 📊Kavak expands into new marketsMexican unicorn Kavak will invest US$180 million to expand its business in LatAm and Eastern Europe. The next markets on the startup’s radar, and its used-car financing arm, are Colombia, Peru and Chile, where it plans to invest US$120 million; it will also earmark US$60 million for Turkey. However, Kavak acknowledged that it’s making adjustments to its operations in Mexico, Brazil and Argentina due to the macroeconomic context. Meta shuts Novi, its Guatemalan remittance pilotMeta announced the closure of its digital wallet Novi, dealing another blow to the bigtech’s foray into finance (remember Libra?). The firm’s venture for sending remittances between Guatemala and the United States using the paxos dollar stablecoin will Mercado Libre and Western Union join forces to provide remittance solutions in MexicoMexicans will be able to withdraw their remittances via Mercado Pago digital accounts, following an agreement between Mercado Libre and Western Union. Similarly, Western Union and Chilexpress launched an application that allows Chilean users to send remittances from any bank account and make withdrawals at WU stores. The proposal gives a boost to the use of virtual channels in a vertical historically led by cash. Revolut signs agreement with Stripe to land in MexicoThe British neobank Revolut signed an agreement with financial infrastructure provider Stripe to accelerate its entry into the Mexican market. The agreement also covers Revolut’s operations in Brazil.  New White Paper ISO 20022: Building a universal language for paymentsISO 20022 will open the doors for the creation of new services and business models for the banking industry. Understand the implications of the new standard, with this new White Paper from iupana and Volante.
#Brazil 🇧🇷Binance resumes withdrawals and deposits with new providerBinance resumed withdrawal and deposit operations with Latam Gateway, a Brazilian payment provider, a partnership it says will improve solutions for customers. Binance froze bitcoin withdrawals on its platform in June. Zig, a funtech?Payment fintechs ZigPay and netPDV, which merged their operations in September last year, have changed their name to Zig and have become—according to their managers—a “funtech.” From now on they plan to focus on managing entertainment events in LatAm and Europe. Payoneer reaches agreement with Husky to boost operationsPayoneer closed a partnership with Husky, a Brazilian fintech dedicated to international payments. The partnership will allow Brazilians to open international accounts and receive payments from the 190 markets where Payoneer has operations. Edenred launches sales terminalsThe French company Edenred debuted Punto, its acquiring proposal for the Brazilian market. It follows a one-year pilot involving more than Proptech Loft fires 380 employeesBrazilian unicorn Loft laid off 380 employees this week, bringing the total to nearly 540 workers retrenched so far this year. The company said the cuts are part a reorganization. And
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Friday Briefing: Learnings from Colombia’s crypto sandbox
By Antony Pinedo
This week, Colombia’s financial regulator tells us about the lessons learned from the crypto sandbox, the bigtech Meta shuts its remittance pilot in Guatemala and a "funtech" is born in Brazil. We also bring you the latest legal news with iupanaPRO.
Stay ahead of LatAm’s digital banking, fintech and payments industry
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