The fintech industry debated its future, between evolution and regulation: "The ecosystem is here to stay"

The second edition of Marval FAST (Fintech, Argentina, Strategy & Technology) brought together more than 200 local and international experts from the digital finance sector. At the meeting held at the Marval O'Farrell Mairal office, the current state of the sector and its growth prospects were reviewed. The welcome was given by Gustavo Giay, chairman of Marval, and Juan M. Diehl Moreno, partner and leader of the fintech department at the firm. "It is undeniable that the fintech ecosystem has come to stay. It is a tool to boost the investments that our country needs: we cannot do without it or stifle it with overregulation. Finding logical balances is the way forward," Giay said. "In just a few years, we have seen how the combination of technology, talent, and spirit has transformed the way we pay, invest, finance projects, do business, and access financial services," added the chairman of Marval.

Reform and simplification

Roberto Silva, president of the National Securities Commission (CNV), opened the regulatory debate, moderated by Diego Martín Díaz, director of Cryptoassets and Capital Markets at the Argentine Chamber of Fintech. "You will see that we are working to add the word digital in many places. We talked to many people in the market to make it clear how we think and where we want the boundary to be," Silva said. The head of the CNV detailed the reform and regulatory simplification he is carrying out, which he dubbed "Big Bang." In particular, he emphasized the impact of the Virtual Asset Service Providers (PSAVs) regime and the progress in tokenization, highlighting general resolution 1150. "We are driving a before and after in the history of the Argentine capital market. The 'Big Bang' represents a profound transformation that seeks to leave behind obstacles and bureaucracy, simplify the rules, and build a more agile, dynamic, and competitive market," Silva stated. He also emphasized that the agency's goal is "to promote market growth, always focusing on investor protection, encouraging more companies to access financing, and allowing CFOs the freedom to decide when to go to market." "We have innovatively incorporated new instruments and expanded investment possibilities. Without a doubt, we are building a larger, modern capital market ready to support Argentina's growth," concluded the CNV president.

The future of crypto

The operations of the industry continued under the analysis of Horacio Liendo, legal VP of Fintech at Mercado Libre, who pointed out: "The competitive advantage of fintech is the distribution channel." At the same time, he warned about operational discipline: "We must work in an orderly manner so that the product does not deteriorate." Towards the end of the event, the thematic focus shifted to cross-border payments. In a panel moderated by Moreno, Matías Caricato, Head of Stablecoin Engineering at Anchorage Digital; Alfredo Roisenzvit, CEO and founder of MoonQuant.capital and co-founder of DIPE.ar; and Josefina Blanco, Chief Legal Officer of XFX debated. Caricato focused on the solvency guarantees required for mass adoption: "The most important promise of a stablecoin is that the value it claims, that token, can indeed be redeemed for a dollar. Our responsibility is to ensure that a stablecoin that does not have that backing can never be issued." Roisenzvit addressed the advantages of cost and infrastructure: "Crypto is redefining the concept of ownership philosophically. Anything that has much more friction in the physical world is more efficient in the crypto world. That is why large payment companies are realizing that they need to get on board or they will be left behind." In closing, Blanco summarized the transactional maturity achieved by these assets: "One of the first problems that the stablecoin solved is the immediacy of payment. We have already passed the point where it was something novel.

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