IX Fintech Forum Meeting

The Center for Latin American Monetary Studies (CEMLA), in coordination with the Banco de España, Banco de la República, and the Latin American Reserve Fund (FLAR), held the IX Fintech Forum on May 21–22, 2026, in Cartagena de Indias, Colombia. The event aimed to analyze the implications of technological advances for financial market infrastructures and to discuss potential regulatory responses to the risks and opportunities arising from these developments.

The forum’s first activity was conducted jointly with the IV Regional Instant Payments Forum and focused on the analysis of stablecoins, their recent developments, and their potential implications for payment systems. Participants in this roundtable included representatives from the Bank for International Settlements (BIS), Circle, the Institute of International Finance (IIF), the Banco Central del Uruguay, and the Banco Central de Brasil.

The discussion focused on the growing use of stablecoins for cross-border payments and the various use cases that have emerged in recent years. Participants also examined the limitations these instruments continue to face, particularly regarding regulation, interoperability, and large-scale adoption. Finally, the panel exchanged views on the potential impact of stablecoins across jurisdictions and on the regulatory approaches that may be most appropriate in response to the growing demand for these assets.

The presentation entitled “The Rise of Digital Assets: Macroeconomic Implications and Policy Challenges” began with a review of the current state of digital assets and their relevance within the international financial system. It was noted that cross-border payments conducted through digital assets continue to represent a relatively small share of global international payment volumes, accounting for approximately 0.25 percent. Nevertheless, their relative importance varies significantly across jurisdictions. In countries such as Argentina and Venezuela, for example, flows associated with digital assets have become more significant when measured relative to the size of their economies.

The presentation then addressed the potential macro-financial implications of these instruments. In particular, it discussed the potential effects of shocks to the market capitalization of stablecoins, a topic examined in greater detail in the IMF working paper “Stablecoin Shocks.” It was also noted that many of the factors driving stablecoin adoption are similar to those that have historically encouraged dollarization processes, including the search for monetary stability and the preservation of purchasing power.

From a regulatory perspective, several challenges faced by authorities in supervising and regulating digital asset ecosystems were highlighted. These include market fragmentation, the pseudo-anonymity associated with digital wallets, and the increasing complexity of transactions. In this context, participants emphasized that the key policy recommendations remain those issued by international organizations such as the IMF and the Financial Stability Board (FSB) in 2023. As a final reflection, speakers stressed the importance of not dismissing new technologies simply because they are new, recognizing that while they are not inherently harmful, they can create significant risks if not properly understood and regulated.

The session dedicated to retail central bank digital currencies (CBDCs) focused on developments and challenges observed across different jurisdictions. In general, CBDCs were presented as a potential alternative or complement to fast payment systems, although their implementation continues to face technical, operational, and regulatory challenges.

China’s presentation described the evolution of the e-CNY project from its initial stages in 2014 to its current status. One of the key observations was that the distinction between central bank money and commercial bank money has gradually become less clear, raising new considerations for the design of monetary systems.

The Bank of England presented developments related to the Digital Pound Lab, a platform currently under development that will be made available to industry participants to explore potential business models and gain a better understanding of the implications of a potential digital pound.

Peru’s experience showed that, although digital payments have grown rapidly in recent years, progress in financial inclusion has been more limited. The presentation also highlighted the issuance of the circular “Regulation of Digital Money Innovation Pilots,” which establishes the objectives and guidelines for pilot projects related to a CBDC.

Finally, Spain presented the evolution of the digital euro project since 2020 and the roadmap toward a potential launch, subject to the approval of the corresponding regulatory framework. Priority use cases were identified as person-to-person (P2P) payments, e-commerce, and payments at physical points of sale, areas in which privacy and transaction anonymity considerations play a central role.

The session on open finance examined both international experiences and national strategies aimed at fostering secure financial data-sharing ecosystems.

The Consultative Group to Assist the Poor (CGAP) presented evidence from India, where the primary motivation for using open finance schemes is to obtain better financing conditions, whether through lower interest rates, larger credit amounts, or meeting requirements for access to certain loans. It was also observed that these schemes facilitate access to emergency funding. To further explore this topic, participants were referred to the report “Key Considerations for Open Finance,” jointly prepared by CGAP, BIS, IMF, UNSGSA, and the World Bank.

Uruguay emphasized the importance of building an open finance ecosystem that promotes competition, innovation, and efficiency within the financial system while enabling more accessible and personalized services. The need for secure mechanisms for information exchange was also highlighted. In this regard, the Banco Central del Uruguay presented its strategy for implementing a robust open finance framework by 2030.

Mexico’s presentation addressed both digital assets and open finance. It noted that digital assets continue to be used predominantly as investment instruments rather than as means of payment. The presentation also outlined a centralized architecture in which financial service providers connect to a common infrastructure that facilitates the secure provision of services, simplifies incident resolution, and enables reliable identification of responsibilities. The ultimate objective is to foster a broader range of personalized financial services supported by a robust infrastructure.

Brazil presented the evolution of its open finance framework, from the enactment of data privacy legislation in 2001 to the present day. The rapid growth of the ecosystem in recent years was highlighted, as reflected in the increase in the number of linked accounts from 27 million in 2023 to 96 million by the end of 2025. One of the most significant developments has been the creation of secure application programming interfaces (APIs) that enable the efficient exchange of information among financial service providers.

The session concluded with a roundtable discussion on potential modifications to existing frameworks, the risks they face, and their potential contribution to financial inclusion.

The tokenization session incorporated the participation of private-sector firms to provide an updated perspective on the digitalization of financial instruments and emerging market trends.

Kaleido presented an overview of stablecoins, tokenized deposits, and tokenized money market funds. It was emphasized that the use of digital assets continues to expand and that financial institutions should take these developments into account in their strategic planning processes while establishing mechanisms to respond to potential shifts in the demand for financial services.

Securitize discussed the transformations that tokenization introduces into the financial market value chain. In particular, it highlighted the possibility of integrating functions that have traditionally been performed separately, such as clearing and settlement, into a single stage, albeit at the cost of greater computational resource requirements.

SWIFT presented developments related to its Digital Ledger, an infrastructure incorporating the minimum elements required for operational viability. It emphasized that this is not an entirely new platform but rather an initiative that leverages existing infrastructures while seeking to coordinate interoperability among participants. Progress was also presented on use cases in which institutions collaborate while utilizing their preferred platforms.

Finally, the Banco de España presented several workstreams related to tokenization. One involves connecting distributed ledger technology (DLT)-based platforms to existing RTGS systems as a short-term solution. Over the longer term, attention was drawn to the Appia initiative, which aims to develop a DLT-based wholesale payments infrastructure capable of supporting efficient interaction among different tokenized assets.

Overall, the discussions at the IX Fintech Forum underscored the rapid evolution of digital assets, open finance, and tokenization, as well as the need for financial authorities to continue assessing their implications for financial stability, market efficiency, and financial inclusion. Participants also highlighted the importance of strengthening international cooperation and promoting regulatory frameworks that enable the benefits of innovation to be realized while preserving the security, integrity, and resilience of the financial system.