EY Law Guía de Negocios FinTech 2021-2022 (Peru)

The Embassy of Peru in Switzerland is pleased to present the «FinTech Business Guide 2021/2022», publication made by the consulting firm Ernst & Young – EY Peru with the participation of the Ministry of Foreign Affairs.

In the current context of accelerated digital transformation and measures due to the Covid-19 pandemic, “FinTechs” are very important in the process of economic recovery of the business sector, highly affected by the pandemic, and for the integration of the less favored social sectors. Therefore, this guide is a valuable reference tool on these companies in the field of finance technology in Peru and the Latinamerican region and provides the tools to establish, develop and/or invest in these businesses in Peru, including information about the industry, the perspectives of Peruvian regulators, the main legal, financial and accounting aspects to develop FinTech businesses, as well as an overview of the FinTech ecosystem in the region.

In Peru, the FinTech industry is experiencing accelerated growth according to reports of the Center for Entrepreneurship and Innovation of the Universidad del Pacífico (Emprende UP), which registers 171 FinTechs nationwide as of September 2021, which represents an approximate growth 16% compared to 2020. Likewise, traditional financial actors have also integrated FinTech business models, so according to data from the Superintendence of Banking, Insurance and AFP, as of August 2021, these companies reported 204 new products and important changes , of which 41% are related to the development of digital services.

As a proof of the expansion and attractiveness of this industry is that, during 2020, 18% of the USD46 million invested in Venture Capitals was allocated to FinTechs, just below EdTech (40%) and electronic commerce (27%) , both fundamental in the context of COVID-19. The expansion of the FinTech ecosystem in Peru is crucial for the development of technology, entrepreneurship and economic reactivation of  the country, as well as for financial inclusion, which has promoted the development of the necessary regulation for the growth of this sector.

To download the Guide in Spanish, please click on the following LINK.