The technological world is evolving at an extremely rapid pace. As we discover the next invention, somewhere in the world the same invention is being upgraded or replaced by a new one.
Taking a proactive approach, Lexincorp Costa Rica is now providing additional legal services and advice regarding Financial Technology, as the creative firm’s clients are demanding.
Furthermore, in technical terms, “FinTech“ is an economic industry composed of companies that use technology to make financial services more efficient. Financial technology companies are generally startups trying to disintermediate incumbent financial systems and challenge traditional corporations that are less reliant on software.”
The fact of the matter is that we need to update our knowledge every single day.
But what happens when we need to materialize a client ́s project and we encounter that the law represents the very first restriction to its correct operation?
As there is no stopping the technological train, we need to adapt our laws in a way that allows control, regulation, and supervision of said technology and, more importantly, allowing progress to become a reality. A law that hinders these new amazing projects is useless.
In Lexincorp Costa Rica, we have been working with clients which have remarkable ideas and entrepreneurs who see FinTech as a door for a more efficient, quicker, updated and competent systems, in which money will no longer be tangible, resulting in a more ingenious process. This benefits the consumer. In the past months, we have met with the General Superintendent of Financial Institutions (SUGEF) and other related institutions, which are aware of this tendency that will change the monetary transactions structure worldwide, as it has already done in countries, such as Canada, USA, China, Africa and India.
Among the economic benefits of this structure is the ability to capture and process data in real time. It will mostly benefit small and medium businesses by providing them increased access to more varied funding opportunities, such as marketplace lending (peer-to-peer), merchant and e-commerce finance, invoice finance, online supply chain finance, and online trade finance, which will ultimately benefit the consumer.
Lexincorp Costa Rica recognizes this tendency as a new opportunity for the law, finances and technology to work hand by hand.
CRISTINA SALAS TREJOS – ASSOCIATE LAWYER LEXINCORP COSTA RICA