Carlos Troetsch, president of the Panama Banking Association, said that from 20 to 30% of the banking budget is destined to comply with regulations.
In the framework of the Annual Conference of Business Executives, the banker described as “extraordinary” the number of requests for information and compliance from different entities, which has made these departments within financial institutions have to grow between four and five times.
Troetsch also made reference to the additional investment required in technological innovation ‘since we have a fintech that comes to compete head-on with the bank’.
Another issue addressed by the banker during his intervention in CADE is the law of modernization of the Panamanian financial system, which currently awaits debate in the Assembly.
On this, said that to ensure a sense of competitiveness you can not have different rules for the same business, in addition to strengthening the superintendencies.
“Technology transforms the way we have always done business, especially intermediaries (banks),” predicting a future of more specialized advice for banking services, he said.