G&B counsels Financia Credit on authorisation of credit card issuance in El Salvador

García & Bodán, through its office in El Salvador, has counselled Financia Credit in the process of obtaining authorisation from the Superintendencia de Obligaciones Mercantiles (Superintendency of Commercial Obligations, SOM) of El Salvador, as issuer, administrator and manager of credit cards in El Salvador.

The consultancy involved assisting the company in complying with all the requirements and procedures necessary to obtain authorisation. This included the analysis of the legal and regulatory requirements; the preparation of the necessary documentation; the drafting of a credit opening contract that complied with the regulations of the Consumer Protection Law of El Salvador; the presentation before the SOM; the defence of the client’s interests during the evaluation process; the follow-up of the application and meetings with officials of the regulatory body to ensure the success of the process.

Furthermore, advice was provided in accordance with the Consumer Protection Law, the Credit Card System Technical Norms, the Credit Card System Law and the respective regulations.

Financia Credit is a Panamanian financial company focused on corporate financing through electronic means of payment, such as digital wallets and credit cards. With subsidiaries in Costa Rica, Honduras, El Salvador, Guatemala and Mexico, the company also operates in the technology field through its subsidiary, Versatec, which offers electronic payment processing services to various industries, including Fintech, cooperatives, financial institutions and banks.

G&B’s team was represented by senior associate David Claros (pictured).