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The financial ecosystem is changing rapidly due to the increased use of information technologies by financial institutions and new competitors. Traditional financial companies are modernizing their operations, and new competitors are concentrating their activities on information technologies. Moreover, fintech services are accessible from anywhere and at any time through online or mobile platforms. Some companies provide products and services offered by traditional financial entities such as payment processing, trading and investment, portfolio management, credit granting, and capital raising applying technology in innovative ways to enhance their operations. Other fintech firms provide new products such as cryptocurrencies.
This document contributes to the understanding of the functioning, benefits, and risks of fintech services. In doing so, the Association expects to support the updating of the regulatory and supervisory frameworks in place through knowledge sharing cooperation, coordination, active dialogue, and training.
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