Banking budget is between 20 and 30 percent for regulation compliance

Economy

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.

READ MORE;http://laestrella.com.pa/economia/presupuesto-bancario-destinado-regulaciones/24060413

No Comments

Leave a Reply

Your email address will not be published.

Economy
Grade on “5 Year Plan” to come in JUNE of 2025.

Back in 2020 the UNWTO- or “World Tourism Organization” was tasked to put together a “Master Plan” that would bear the fruit of an increase in sustainable tourism projects of ( 50% ). This even took into account the effect of COVID-19 on the Economy. I am aware that there is REAL …

Economy
Final Qtr- of 2023 reported STRONG growth in the Republic GDP.

https://elsiglo-com-pa.translate.goog/economia/producto-interno-bruto-trimestral-crecio-89/24242734?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc&_x_tr_sch=http Bracho: this growth translates into an increase in the hiring of people and greater income for companies The Quarterly Gross Domestic Product (GDP) grew 8.9% compared to the same period in 2022 during the first nine months of 2023, according to data from the Comptroller General of the Republic. …

Economy
Cortizo active on sessions to discuss 2024 budget before end of calendar year.

https://www-laestrella-com-pa.translate.goog/panama/nacional/cortizo-convoca-sesiones-extraordinarias-para-discusion-del-presupuesto-2024-EB5663622?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc Deputies will only have to discuss a single issue between December 21 and 31 The President of the Republic, Laurentino Cortizo, called the National Assembly to extraordinary sessions from December 21 to 31. The deputies must analyze bill 1041, which dictates the State budget for the fiscal year 2024. …