Previous Story
Banks await judicial ruling on electronic money
Posted On 09 Jan 2017
The hearing to resolve the protection action filed by the Association of Private Banks of Ecuador (Asobanca) will be held tomorrow at 09:00 to stop the resolution of the Superintendence of Market Power Control (SCPM) for electronic money. The diligence will be in the Third Specialized Judicial Unit of the Family, Women, Children and Adolescents of Quito, according to David Sperber, lawyer of Asobanca and Banco de Loja.
On December 14, the SCPM ordered that private banks, implement the creation of electronic money accounts through the platform administered by the Central Bank of Ecuador (ECB) in a term of 30 days. If they do not comply, they will be sanctioned with up to 8% of the volume of their business. That is, the banks in the country have until this Saturday, January 14 to abide by this provision. Fourteen banks must comply with this measure. These are Loja, Austro, Bolivarian, Capital, Citi, Coopnacional, Rumiñahui, Finca, Guayaquil, International, Machala, Pichincha, Procredit and Produbanco – Grupo Promerica.
This resolution is part of the precautionary measures against Asobanca, which were issued in the framework of the investigation conducted by the SCPM’s First Instance Resolution Commission (CRPI) for alleged unfair practices “made and disseminated in the media referring to electronic money” by private banks.
Source: http://www.elcomercio.
