The Superintendency of Industry and Commerce (SIC) published a new version of the draft regulation, External Circular, with mandatory instructions on the processing of personal data in the fintech ecosystem. This update introduces substantial changes, including stricter regulations for the processing of biometric data, which requires specific justification, explicit authorization, and enhanced security measures.
The Circular also defines its scope of application, making it clear that it is aimed solely at entities supervised by the SIC and excludes those under the supervision of the Financial Superintendency. In addition, the text expands its articulation with recent regulations, including the guidelines on artificial intelligence in Circular 002 of 2024 and Law 2300 of 2023 on financial consumer protection.
The SIC will receive comments on this new version until Wednesday, July 30, 2025.
