The BCRA and the National Securities Commission (Comisión Nacional de Valores, CNV) opened the call for the 2019 Financial Innovation Program (Programa de Innovación Financiera, PIF). Up to and including July 29, more than 70 projects were submitted by teams of designers, programmers, students, professionals, economists and entrepreneurs of the financial and capital markets world.
The PIF seeks to develop tools and solutions to raise to the following challenges:
Supplementary agencies | Development of services offered by supplementary agencies using technology.
Mobile & online banking | Improvement of consumers’ experience in mobile and online banking through technology.
Digital validation | Use of biometric identification to validate bank and capital market transactions.
Financial education | Use of technology to develop interactive contents in order to bring people closer to financial concepts (bank and capital market issues).
Regtech | Use of technology to comply with the regulations issued by the BCRA and the CNV.
Market infrastructure | Use of technology to achieve a more efficient financial system and/or capital market infrastructure.
The 2019 Financial Innovation Program has been structured into four stages, from May to November. The program started with the submission of projects between May and July. Now, the Assessment Committee will select 10 projects that will be part of the improvement stage until the end of August.
The authors of the 10 selected projects will have the chance to improve their works with the cooperation of BCRA specialists and fintech industry experts. Such works will eventually be presented in an event in November.
The three prizes for the winning proposals are: first prize: ARS125,000; second prize: ARS90,000; and third prize: ARS55,000.
With this initiative, the BCRA and the CNV are promoting financial inclusion through the creation of quality projects and ideas arising from the joint work of the public and private sectors.
