The Guatemalan company G & T Continental has submitted an application to the Superintendent of Banks to change its current microfinance license to a general banking license.
From a statement issued by the Superintendency of Banks in Panama:
In compliance with Article 51 of the Banking Law No. 3-2001 and Agreement. amended by the Agreement No. 2-2006, we report:
An announcement has been made that as of October 24th all registration formalities in the registry may be made electronically through a new platform.
From a statement issued by the Public Registry of Panama:
In order to optimize the services offered to users and the general public, the Public Registry of Panama, within the framework of modernization, will run the Registry Electronic Registration System (CRS), a new technology platform that will provide greater legal certainty over private property and other rights on goods which are registered with the entity.
The Public Registry web platform allows the digital registration using electronic signatures to authorize transactions.
Panamaamerica.com.pa reports that "the new technological tool will streamline internal processes and allow paperwork and long lines to become a thing of the past through a system that offers security."
The SIR unifies the Public Registry's two current platforms, containing images, data and integrating a charging system for the institution; while Electronic Signatures gives legal value to digital documents and transactions, explains the article.
Although the electronic signature scheme has already been launched it has not yet been announced how they will be used or if they will be adopted by the country's public institutions.
Although the electronic signature scheme has already been launched it has not yet been announced how they will be used or if they will be adopted by the country's public institutions.
The National Electronic Signatures Department will certify, provide and deliver electronic signatures, time stamping services, archiving and preservation of data messages.
Hernando Abraham Carrasquilla, CEO of the Public Registry of Panama announced that laws regarding electronic signatures now have their respective regulation.
This regulation attributes some functions to the National Electronic Signature Department which includes "...
Construction, real estate and rentals are the main sectors generating registrations and other paperwork that have raised $40 million in revenue for the Public Registry.
This " ... is a considerable increase compared to the 4% growth which was reported in 2012 , when revenues from January to August were $33 million compared to 2011 when $ 31.8 million was raised ... " , noted an article in Panamaamerica.com.pa.
Implementation of the system which will reduce reliance on paper processes is 85% complete, meaning that it could be released in November.
From a press release issued by the National Assembly of Panama:
Electronic signatures, an innovative tool which will streamline processes for approving transactions is 85% complete and could be launched during the month of November.
The project to implement electronic signatures is 50% complete and before the end of the year the Public Registry will be using it in their systems.
According to the Director of the Public Registry, Hernando Carrasquilla, electronic signatures allow people to carry out official processes from their home or business, eliminating the use of paper in the processing of documents.
The use of digital signatures scheduled to begin this year is several months late and will not be implemented until February 2014.
Several factors are responsible for the delay, among which is the delay in the tendering act which had to be performed twice, said Hernando Carrasquilla, director of Public Registry. The company awarded the tender was the Spanish consortium Indra Sistemas.
The cuts foreseen in fiscal year 2013 will affect the Ministry of Labour, the Public Registry, Customs Authorities, Government Innovation and Small and Medium Enterprises.
For Micro, Small and Medium Enterprises (Ampyme) the cuts amount to $33 million, leaving only $22 million for investment and operation.
$14 million will be cut from the budget for the Ministry of Labor and Workforce Development (Mitradel) and $50 million for the National Customs Authority (ANA) and finally a million for the Public Registry.
The Executive has given approval for the Public Registry of Panama to be the certification authority for electronic signatures in the Republic of Panama.
This authorization will facilitate the expeditious processing of electronic government services avoiding manual processes and achieving better coordination of management information between public agencies, said Abraham Carrasquilla, director of Public Registry.
The Public Records Office will have a budget of $4 million in 2011 to begin the project.
The director of the Public Records Office, Luis Barría, commented that the pilot scheme is part of a $47 million project called "País Sin Papel" ("Paper-free Country"), in which the Panamanian state is seeking to modernize its processes.
"The electronic signature pilot scheme would be carried out in the Public Records Office and go live in 2012," reports Pa-digital.com.pa.
Users of the Public Registration System of Panama will be able to obtain an official certification from their home.
"The agreement between the Department of Commerce and Industries and the Public Registrar means not only financial savings but also saving time for citizens," said the minister of Commerce and Industries, Gisela Álvarez de Porras.
Caja de Ahorros has signed a cooperation and training agreement with the Public Registry of Panama that seeks to bring about judicial, scientific and technical exchanges and support in areas of interest for both institutions.
The agreement establishes that the Public Registry will have at its disposal accredited collaborators of the "Panamanian Family Banks", and access to a joint system through the WEB.