In four years the DTF will stop being used

The National Development Plan ‘Colombia World Power for Life’, which was completed in the early hours of last Friday includes at least 20 articles on topics related to the financial and banking system.

(UVR or fixed rate credits: which is the best option for you?).

From the financial component of the National Agrarian Reform System, the inclusion efforts of the Popular Economy program and open data (open data).are just some of those that make up the Government’s road map and that contemplate investments of more than $1,157 billion in the four-year period.

One of the most important novelties within the Development Plan is the incorporation of open data (open data), an advance in which Colombia has begun to take its first steps a year ago.

Within said clause is the concept of open banking, understood as the business model in which, once the owner’s authorization is obtained, data can be exchanged in the financial ecosystem, to generate multiple benefits for users.

Within this provision, a fundamental element is that information can only be shared to promote access to financial services. In no way can it be used for other purposes and with the consent of the owner.

(Mortgages with UVR will feel the effect of inflation in 2022).

For David Ballesteros, country manager Colombia at Belvo, an open finance platform with a presence in Brazil, Mexico and Colombia, “This is a great step because it is a new opportunity to exclusively promote access to financial services, which will especially benefit socioeconomically vulnerable sectors.”

He says that this will help improve financial inclusion, especially in the usability of the products, it will generate more competition between banks in fees and commissions, it will be possible to obtain more information from various sources that allow the client to be better profiled and make it attractive to formal banks, leaving out illegal mechanisms such as drop by drop.

The agrarian reform and the Popular Economy and Green Finance have several articles that must be developed by the Government as flagship plans of President Gustavo Petro.

With financial portability, the consumer may request the transfer of the products in an entity supervised by the Financial Supervision to another together with the general and transactional information, without penalty or additional charge.

All public entities will be obliged to affiliate their workers in occupational hazards to Positiva Compañía de Seguros, something criticized in the sector.

It is contemplated that there will be interoperability of Immediate Low Value Payment Systems, a plan in which the Bank of the Republic has already been advancing for six months.

Savings and checking accounts inactive for one year, prior notification to their owner, would serve as a mechanism for access to higher education.

(Development Plan, pending the approval of President Petro).

Also, Simplified Stock Companies (SAS) may be issuers of securities.

Findeter will be able to give direct credit even to cooperatives and Financial Institutes for Territorial Promotion and Development and to community organizations. And the funds of employees through Bancóldex will be able to give productive credit to its associates.

The Basic Value Unit (UVB) will be created, starting at $10,000 and replacing the Tax Value Unit (UVT), and the DTF reference and conversion index will be replaced in 2027 by the IBR rate.

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