StoneX Receives Authorization to Operate in Colombia's Electronic Payments Industry

Published 4 months ago

In a significant development for Colombia’s digital payments sector, the country’s financial regulatory authority, Superintendencia Financiera de Colombia, has granted operating authorization to StoneX Colombia S.A. SEDPE. The announcement came on October 6, 2023, with the issuance of resolution number 1618 of 2023, which allows StoneX to operate across the entire Colombian territory.

A Milestone for Electronic Payments

The authorization marks a noteworthy step in the development of the electronic payments industry in the country. The Superintendencia, responsible for the inspection and surveillance of companies specialized in electronic deposits and payments, decided in accordance with Law 1735 of 2014 and the Organic Statute of the Financial System (EOSF). This not only allows StoneX to operate, but also consolidates its market position as an entity committed to the development of innovative electronic payment solutions.

Key Requirements Met for Authorization

StoneX had to meet several fundamental requirements to obtain this authorization. Firstly, the formalization of the public deed of incorporation and its registration at the Chamber of Commerce was a crucial step. This was properly accredited with Public Deed No. 232 of February 18, 2022, and the certificate of existence and representation of the entity issued on February 21, 2022.

Moreover, the entity demonstrated the payment of the minimum capital required by law, far exceeding this requirement, indicative of StoneX’s financial solidity. Additionally, the necessary technical and operational infrastructure to operate was evaluated by the Superintendencia during a tour test conducted from July 25 to August 02, 2023. The results concluded that the entity has the necessary infrastructure to operate effectively.

StoneX also registered in the Guarantee Fund for Financial Institutions (FOGAFIN) as a company specialized in electronic deposits and payments, as required by Law 1735 of 2014, from April 04, 2022. This provides greater security and support for the company’s operations.

Impact on International Payments Market

The authorization given to StoneX represents a milestone in the growth of the electronic payments sector in Colombia. The company is poised to provide innovative and reliable solutions in the field of international transactions. This not only benefits the entity but also strengthens the country’s financial infrastructure, fostering a favorable environment for international trade.

The Superintendencia announced it will personally notify the resolution to StoneX, who will have the opportunity to file a replacement resource within the next ten business days. The resolution will also be published in the Bulletin of the Ministry of Finance and Public Credit, Superintendencia Financiera de Colombia, Guarantee Fund for Financial Institutions (FOGAFIN), and the Bank of the Republic.

StoneX’s authorization represents a significant advancement for the electronic payments sector in Colombia, and is expected to have a positive impact on international trade and the development of innovative financial solutions in the country.