University of Miami Inter-American Law Review


Technology is changing our everyday lives at a faster rate every minute from artificial intelligence and medical advances in robotics to the upcoming self-driving cars. Every sector of our lives is being impacted, disrupted, and constantly altered by innovations, including our finances. In the developed markets, fintech, or financial technology, is the new and exciting area of product innovation for financial services. The innovations rely on the internet, blockchain technology, and the new and highly controversial digital currencies. Consequently, new digital platforms and mobile applications create new possibilities while being accessible to more people at a lower cost across borders.

Facing this technological revolution, each country and market is taking a position. Some countries are welcoming the technological developments while others resist change. Several international agreements are already in place and new regulations in Latin America seem supportive enough to grant the financial advancements room to grow. Although the regulatory framework is not robust, it is highly probable that supportive laws would lead to the development and creation of a broader, deeper, and leaner credit market in Latin America.