Fintechs de meios de pagamentos : a regulação do banco central do Brasil e a promoção da competição

Abstract

On the present research, the study aims on the analysis of the BCB’s role in promoting competition in the Brazilian payments industry, after the advent of fintechs. The movement of fintechs in Brazil grew after the law 12,865 of October 9, 2013, that established a legal system regulating the payment industry and determining the competence of BCB to do so, by CMN guidelines. Among the powers imposed on the BCB as regulator of payment fintechs, the law enforces the adoption of measures to promote competition in the payment industry. Therefore, the question arises as to whether BCB regulation is following the competition requirement set out in the law. This research intent to make contributions to the discussion on how pro competitive regulation of payment fintechs in Brazil should take place, in accordance with the legislation and the systemic risk that such institutions represent. This discussion is of great relevance, considering the impact that BCB regulation may have on payments fintechs, as, if too costly, it could prevent the entry and permanence of new entities in the payments sector. But, on the other hand, if the If regulation becomes too lenient, it could expose the SFN to systemic risk. The approach method used was hypothetical-deductive, in which was sought, based on legislation, BCB regulation, doctrine and research on payment fintechs in Brazil, to confirm the hypothesis raised that it is possible to balance pro-regulation compete and that does not expose the system to risks. As a result, the research pointed a need for the sectoral regulator to establish new standards for issuing regulations, so that they are compatible with the possibilities and risks that the new business models presented by fintechs represent, but without making competition in the sector unfeasible.