The Superintendence of Industry and Commerce (sic) issued an instruction for ‘Fintech’ about the management of personal data. The guidelines, contained in the External Circular No. 01 of 2025They seek to ensure that the treatment of this information complies with current legislation.
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The document establishes thirteen instructions that must be taken into account by the actors of this ecosystem in the supply of products and the provision of financing serviceslow amount deposits and other related ones that facilitate financial inclusion, through the use of digital technologies.
According to the SIC, these measures are presented in a context in which the business models associated with banking have opted for the incorporation of technological tools. That includes the growing use of technological wallets and online credit operations.
SIC.
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Key points of the instruction
The circular indicates that the processing of personal data must respond to constitutionally legitimate purposes, and be carried out only during the time strictly necessary. Besides, establishes the principle of minimization so that only the necessary information for the required purposes is collected.
“Only suitable and necessary data must be collected for the established purposes. Some of these include that applications should not access the image gallery or the device contact list, for collection purposes,” He explained the control entity.
The instruction also emphasizes that when requesting the authorization of the holder, the ‘Fintech’ must be differentiated between necessary purposes (such as service provision) and accessory purposes (such as advertising or supply of other services).
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Fintech
Similarly, the document establishes that Biometric data processing For the provision of financing services, credit operations and other related ones, strict rules must comply with the sensitive nature of information. For example, obtain the explicit authorization of the holder for the processing of your data and refrain from not using them for unauthorized purposes.
In that same line, the SIC defined that the holder has the right to receive a clear and understandable explanation of any automated decision that is unfavorable.
“It is important to highlight that the ‘Fintech’ ecosystem has a high democratizing impact; it promotes social, economic and financial inclusion, and energizes the economy. It also adds value and stimulates competition. However, it is important that the processing of personal data of these activities respects the fundamental rights,” The entity added.
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