The government of El Salvador launched the National Fintech Strategy

As a first action, the OIF delivered the rules for fintech companies to be part of the national payment systems.

As another step towards the digital transformation of El Salvador, yesterday was launched the National Fintech Strategy (ENF) will aim to promote a digital financial ecosystem and fintech innovation for the development of an innovative, stable, reliable, and inclusive financial system.

The tool, which was created by the Office of Financial Innovation (OIF), an initiative of the Central Reserve Bank (BCR) and the Superintendence of the Financial System (SSF), will contribute to the digital economy and economic growth, through human talent, strategic investments and boosts in digital infrastructure, said the head of BCR, Douglas Rodríguez.

The official said that the strategy was born in light of a recent study, which revealed that, in El Salvador, 60% of fintechs are linked to payment services or systems, 20% are fintechs with technological services, 4% are linked to insurtech and 8% to alternative financing.

In addition, 88% of these financial technology companies are planning to create new products and services in this area.

Given these results, the ENF becomes a tool for “our country’s fintechs to also develop and integrate into the national payment system,” said Rodríguez.

“Now we know that financial innovations and digitalization can be windows of technological opportunity for the development of El Salvador. Also, we know that the development of fintech solutions can leverage the financial inclusion of the population.

Source: Diario El Salvador