●     María Fernanda Juppet, CEO of CryptoMKT, attacks the president of the ABIF for proposing regulations that, according to her, stifle competition and restrict the growth of fintechs. Juppet defends the crucial role of fintechs in democratising access to financial services, offering more accessible and innovative solutions, and warns that excessive banking regulation not only limits the opportunities of this emerging sector, but also harms users by hindering innovation and financial inclusion.

In a forceful statement, María Fernanda Juppet, CEO of CryptoMKT, questioned the statements of the president of the Association of Banks and Financial Institutions (ABIF), pointing out that the recent regulatory proposals of the banking sector not only slow down innovation, but also stifle competition in the financial sector. For Juppet, the restrictive approach of the ABIF directly affects fintech companies, whose mission is to democratize access to financial services through technology.

Juppet stresses that competition in the sector not only drives innovation, but also strengthens confidence in the system and promotes financial inclusion, benefits that are being threatened by the regulatory proposals of the banking industry. Quoting Nobel Prize winner in Economics Ronald Coase, she recalled that regulations based on transaction costs end up harming users. "In the case of fintech, traditional banking regulation contradicts the essential principle that guides this sector: offering accessible and affordable services for those who have been excluded from the financial system," said the regulation specialist and doctor in business.

The CryptoMKT executive left no room for doubt when stating that "establishing a regulatory framework analogous to banking for fintechs is not only unnecessary, but counterproductive. It limits the ability of these companies to operate and, ultimately, negatively affects consumers, who are deprived of innovative and more affordable financial alternatives."

Juppet was clear in pointing out that the banking association's proposal seems more like a tactic to protect itself from competition than a genuine interest in user security. "It is impossible not to question the intentions behind these measures when the majority of users who rely on fintechs have previously been excluded by the very banks that are now seeking to impose restrictions," she stated firmly.

The CEO of CryptoMKT stressed that, instead of slowing down the advance of fintech, an adequate regulatory environment should be fostered, allowing the coexistence of both sectors without one prevailing over the other. "In countries like Brazil and the United Kingdom, we have seen how fintech and traditional banks can collaborate and coexist, creating a more dynamic and secure financial ecosystem for everyone."

Finally, Juppet warned about the implications of continuing to limit fintechs, saying that "we cannot allow fear of change to hinder the growth of an industry that not only promotes financial inclusion, but also drives the efficiency and stability of the system as a whole. Fundraising cannot be a monopoly of banks; it is an opportunity for diverse actors to contribute to a more robust, fair and accessible financial system."

This harsh questioning by Juppet marks a milestone in the debate on the regulation of the fintech sector in Chile and puts on the table the need to rethink a regulatory framework that encourages competition and favors users.

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