Panama's top financial authorities have announced the launch of the Panama Financial Innovation Hub, a pioneering platform designed to foster dialogue between regulators and innovators in the financial sector, promote financial inclusion, and strengthen system stability.
Known as Finhub, this initiative is a collaborative effort among the Superintendency of Banks (SBP), the Superintendency of the Securities Market (SMV), the Superintendency of Insurance and Reinsurance of Panama (SSRP), the Panamanian Autonomous Cooperative Institute (IPACOOP), the Savings and Capitalization System of Public Servants' Pensions (SIACAP), and the Directorate General of Financial Companies of the Ministry of Commerce and Industries (MICI). These authorities form the Financial Coordination Council (CCF). The Hub has received technical support from the Inter-American Development Bank (BID) through its FintechLAC initiative.
“The Hub will facilitate interaction between fintech ecosystem innovators and financial authorities, allowing guidance, observation, and support for initiatives transforming the design and delivery of financial services,” said Gloria Lugo, BID representative in Panama.
Milton Ayón Wong, president of the CCF, emphasized that “with this initiative, Panama strengthens responsible innovation and reinforces its commitment to the sustainable, inclusive, and secure development of the financial sector.”
The Hub establishes a structured dialogue space to foster a clear legal environment for emerging business models. It enables financial sector innovators to engage with regulators and supervisors about their business models and enabling technologies, as well as receiving information about the regulatory environment. Conversely, regulators will have the opportunity to analyze and support innovative business models and new technologies, and present recommendations to the CCF to address regulatory barriers identified during the dialogue process.
The Hub will apply digital tools and efficient processes to enable modern and transparent management, organized into two operational levels, one public for fintech entrepreneurs and another private for coordination among regulatory entities.
In addition to its focus on innovation, the Hub will promote female participation in the sector and the development of financial products for vulnerable groups and minorities with limited or no access to the formal financial sector in the region.
At the launch event, CCF members signed an Interinstitutional Agreement on the Hub's operation, establishing technical and operational coordination mechanisms for its implementation.
The Hub in Panama is part of the BID's strategy to build a network that enhances the development of a robust and sustainable fintech ecosystem in Central America and the Caribbean. Since 2020, the BID has supported the creation of Financial Innovation Hubs in Costa Rica, El Salvador, Honduras, and the Dominican Republic.
