Can we talk about self-regulation in this market?

[soniya55531]

We have this working group with Bacen as well as Susep, which created its format, and then the Central Bank. So, in the end, we ended up doing something that had its own characteristics, but that's how it was born. There wasn't a single person involved, we were in that information lab discussing it and with the benchmarking work the Sandbox appeared and it gained momentum.

Can this context that you brought up be considered self-regulation? Thinking about the case of fintechs, is it a market that is creating its own regulation?
I don't think it's quite like that, a collaborative regulation... If we can put it that way, because, in fact, when you look at this Regulatory Sandbox process , there were many hands involved, several professional associations, academia. It was very collaborative. When we look at the Open Banking issue, it's also happening like that. There's a part where namibia mobile database the representative entities will participate in different aspects, but the Central Bank is there as the deciding factor, helping to guide. But it's not there saying that this is how it's going to do it and that's it, it's all about listening to society. Something that was also done in the British model, it also happened this way.


So, I feel that this collaboration and the way the regulator has been conducting this has been exemplary in this sense, because it involves the stakeholders who will actually deal with the issue and also because it does not have all the answers. When you bring everyone into the discussion, you speed up the process because you can find answers and weigh up views . With this, there is less chance of it being something that the regulator throws out and then everyone comes to criticize this issue. All this regulation occurs via public consultation and is very well done. In the case of newer regulations, such as Open Banking , it happens with the participation of everyone.



We have heard that banks are facing significant losses due to startups and brokerages that are increasingly offering competitive investment proposals. In your opinion, what will the banks’ behavior be like in the coming years?
I think that all these innovations that are coming are unstoppable. It is positive for the population. It makes me very happy to see the Central Bank itself leading these discussions. Putting competition in the market is nothing that is not happening outside of here. I think that the barriers to entry into the financial market have fallen significantly over time, technology has become much cheaper, and the way customers are treated and reached has also changed a lot. So, it is time to adapt.