At the close of 2016, there were 24 companies dedicated to providing factoring services, with a portfolio of $243 million, 6% below the balance of 2014 but 2% higher than the amount recorded in 2015.
The companies with the most experience in the business of factoring or invoice discounting in the country pointed to an increase in the presence of individuals or small private companies that provide the same service but with fewer requirements and a higher level of risk, which has affected the overall performance of the sector.Among the companies affiliated with the Costa Rican Chamber of factoring companies are banks, financial institutions and companies dedicated exclusively to the service of factoring.
The government and the private sector are working on a plan to renew the business model for the financial center, developing specialized services for different market niches.
A working group consisting of representatives from government, regulators and the private sector are making an assessment of the financial services platform operating in the country in order to redefine their objectives using the example of best practices in similar jurisdictions which are more developed and adapted to international regulation.
The market regulator is preparing rules for a new type of short-term investment fund, which will be available before July.
The Superintendency of Securities (Sugeval) in Costa Rica announced that it will add to its portfolio an investment fund focused on very short term securities which are low risk and high liquidity, reported El financierocr.com. This new instrument will be approved in the first half of 2016.
Iconi Holding and Intermarket are the companies that the Securities Regulator has warned not have support or supervision in the country.
The Superintendency of Securities (Sugeval) has updated the list of unsupervised and unregulated entities for which reports have been received of possible unauthorized securities offerings, which could even be fraudulent.
The microcredit portfolio in Latin America and the Caribbean is worth over $40 billion, is awarded by more than 1,000 institutions, and reaches more than 22 million customers.
From a statement issued by the Inter-American Development Bank (IDB):
A new report documents significant expansion of microcredit in Latin America and the Caribbean
GUAYAQUIL, Ecuador - Microcredit in Latin America and the Caribbean remains strong and continues its expansion of the last decade, experiencing an increase in their number of customers, a variety of institutions and a downward trend in interest rates according to new data released here today by the Multilateral Investment Fund (MIF), a member of the IDB Group.
The government of Panama is investigating in conjunction with the banking sector and representatives of the European Union how to facilitate financial transactions with the Euro and other foreign currencies.
A statement by the Presidency of Panama reads:
Mechanisms Sought to facilitate financial transactions in foreign currencies
President Ricardo Martinelli announced on Thursday, August 23, a meeting with banks, regulators and European Union ambassadors accredited in Panama to discuss possible ways to make financial transactions easier with foreign currencies, particularly the euro, in compliance with existing standards.
The acquisition of cover, known as a PUT Option, allows the producer to ensure a minimum selling price.
At a time when volatility is the order of the day in international markets, this coverage or hedge has become an indispensable tool for any product that is exported and depends on international prices.
Micro-insurance and insurance banks are some of the new services that the companies hope to offer in the short term.
Elheraldo.hn reports on its website: "For the manager of the Honduras Chamber of Insurance Companies (Cahda), Jose Moncada, the strategy of the local industry is to use the banks' platform of clients to acquire other types of coverages.
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Operates in Costa Rica, El Salvador, Guatemala, Nicaragua and Panama
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