Panamanian banks are preparing for the migration from magnetic to chip cards in an effort to reduce fraud in the country.
Although the change from magnetic to chip cards (EMV) in Panama is being applied gradually, banks such as Bac Credomatic and Banco General are already applying the finishing touches to adopting this new technology.
Simple transactions such as deposits, card payments and cash withdrawals will be able to be conducted in Panama in grocery stores, supermarkets or pharmacies.
Thanks to the 002-2012 agreement announced by the Superintendency of Banks of Panama (SBP), non-bank correspondents have been established, who will be able to perform some banking transactions such as making deposits, cash withdrawals or credit card payments at sites such as pharmacies, grocery stores, department stores, supermarkets and others.
Panamanian regulators announced that there are parties interested in buying the bank and stock brokerage.
In an article in prensa.com, it was reported that there are 7 local and foreign groups interested in acquiring the Stanford Bank (Panama) S.A. and the Stanford Casa de Valores S.A., as ongoing businesses.
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