The Superintendency of Banking, Insurance, and AFP (SBS) has authorized the entry of two new financial entities in Peru: Revolut Bank Peru S.A. and Kori Financiera S.A. Both entities must obtain a license to operate before commencing their activities. Revolut Bank, which will be based in the United Kingdom, will operate as a fully digital bank, taking advantage of Peruvian regulations that allow the establishment of financial entities without physical offices. Meanwhile, Kori Financiera, a national entity, will focus on providing loans to micro and small enterprises.
To facilitate the entry of new players into the financial system, the SBS has created the Executive Coordination of Business Organization (CEO). This new unit aims to streamline the licensing process and will handle the organizational requests of the entities. Sergio Espinosa, superintendent of the SBS, stated that these measures will help increase competition in the financial sector. Since October 2024, the SBS has granted organizational authorization to several entities, and this trend is expected to continue with the inclusion of Revolut and Kori. Currently, there are 20 authorized banks in the country, including BCP and Scotiabank Peru.
