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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