Colombia Fintech warned about a MinTIC draft decree that would let postal operators take and hold money without financial sector rules.
The association representing more than 365 fintech companies in the country pointed to four main risks in the proposal called Giros Postales 2.0. Gabriel Santos, president of Colombia Fintech, said a postal operator should not manage public resources under standards lower than those for the financial sector. The first risk is the lack of Fogafín deposit insurance, leaving users exposed to fraud or insolvency. The second risk involves insufficient controls against money laundering, which the association described as laxer than the SARLAFT standard. The third risk is the absence of oversight by the Superintendencia Financiera, since the decree would assign that role to MinTIC. The fourth risk is isolation from the banking system, which could fragment the payments ecosystem and exclude these accounts from advances like Bre-B.
