A. M. El Salvador is moving forward in the modernization of its financial system with the implementation of emerging technologies. The Technology, Tourism and Investment Commission of the Legislative Assembly has initiated the study of reforms to the Law of Regulation of Information Services on the Credit History of Individuals, with the aim of strengthening the security and efficiency of banking services through the adoption of cloud storage.
The amendments will allow financial information agencies to have data backup in an advanced digital infrastructure, guaranteeing operational continuity and improving the protection of users’ information. In addition, the Banco Central de Reserva (BCR) and the Superintendencia del Sistema Financiero (SSF) will have unrestricted access to storage systems, ensuring that international cybersecurity standards are met.
This development represents an opportunity to invigorate the salvadoran financial ecosystem, allowing greater efficiency in services and reducing operating costs. According to BCR’s Financial Stability Manager, Guadalupe Escobar de Hernández, the digital modernization of the banking system has enabled innovations such as opening accounts through mobile devices, facilitating financial inclusion and competitiveness in the sector.
Internationally, regulators in countries such as Argentina, Colombia and Brazil have implemented regulations governing the use of cloud services to strengthen the technological infrastructure of the financial sector. In El Salvador, the reforms will allow banking institutions to take advantage of these advances, promoting the adoption of technologies such as artificial intelligence and process automation, which will generate greater security and efficiency in financial management.
The Superintendency of the Financial System pointed out that the use of the cloud will facilitate strategies for operational continuity, scalability and cybersecurity, ensuring that financial services are more accessible and secure for the population. In addition, it will allow institutions to respond quickly to critical events, ensuring the stability of the financial system.
With these reforms, El Salvador positions itself at the forefront of economic and technological modernization, strengthening its digital financial environment and promoting sustainable development based on innovation and data security.
You may also be interested in
