SBS extends term of measure that facilitates use of electronic money

The Superintendency of Banking, Insurance and AFPs (SBS) extended the term, until December 31, 2022, so that electronic money issuing companies can use immediate deposits in multiple operations companies classified in category A+, as an alternative guarantee for the value of the electronic money issued .

Thus, through SBS Resolution No. 02123-2022, the SBS established provisions applicable to operations with electronic money.

The rule states that, in case the multiple operations company has two different classifications, the lowest is taken into account.

LOOK: SBS dissolves four credit unions for this reason

Likewise, it indicates that, in the case of issuers that are multiple operations companies that capture deposits from the public and that meet the aforementioned requirement, these deposits can be kept in the issuing company itself.

The legal device also states that, as of January 2, 2023, electronic money issuers must constitute guarantees in accordance with the provisions of Title IV of the Electronic Money Operations Regulations, approved by SBS Resolution No. 6283-2013.

In addition, in the case of issuers that attend to the disposition of funds granted or released by laws and other regulations issued in the context of the State of National Emergency, which have an A- rating or higher, they have 60 calendar days, counted from the last day of the month in which the issue is made, to comply with the provisions of the Regulations for Operations with Electronic Money, approved by SBS Resolution No. 6283-2013.

The aforementioned will be in force for electronic money issued until December 31, 2022.