Panama launched Finhub 🚀, a Financial Innovation Hub to connect regulators with Fintech companies. The goal is to encourage innovation, improve financial inclusion, and strengthen the stability of the system. It was launched in May.
Via the Finhub Online Platform 💻, fintech companies can discuss their business models and technologies with regulators, get clarity on legal requirements, and receive guidance.
Moreover, it also serves as an internal coordination platform among regulators where they can assess new ideas, identify regulatory gaps, and suggest updates to the Financial Coordination Council (CCF).
The initiative also aims to boost women’s participation in the sector and promote financial solutions for underserved and minority groups.
Finhub, was created through a collaboration between the Superintendencia de Bancos de Panamá (SBP), Superintendencia del Mercado de Valores de Panamá (SMV), Superintendencia de Seguros y Reaseguros de Panamá (SSRP) Instituto Panameño Autónomo Cooperativo (IPACOOP) the Savings and Pension Capitalization System for Public Servants (SIACAP), and the General Directorate of Financial Companies of the Ministerio de Comercio e Industrias (MICI), whose top authorities make up the Financial Coordination Council (CCF).
The Hub received technical support from the Banco Interamericano de Desarrollo (IDB) through its FintechLAC initiative.