Financia Credit Group obtains authorization to issue credit cards in El Salvador  

Financia Credit S.A. is a Panamanian finance company focused on corporate financing through electronic payment methods, 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 company, Versatec, which provides electronic payment processing services to various industries, including Fintech, cooperatives, financial institutions, and banks.

Among its highlighted products are solutions for the management and control of vehicle fleets, as well as solutions for business expenses. These products are accompanied by payment methods under their own brand and the well-known VISA and MasterCard brands and are linked to flexible credit lines. Its broad portfolio of technology-backed financial products has enabled it to simplify the business chain of different industries, serving to date more than 600 local and transnational companies in the region with its fleet product.
García & Bodán successfully advised and represented Financia Credit in the process of obtaining authorization from the Superintendency of Commercial Obligations (SOM, for its acronyms in Spanish) of El Salvador as a credit card issuer, administrator, and manager in El Salvador.

The legal team, specialized in financial regulations, worked to ensure that Financia Credit complied with all the requirements and procedures necessary to obtain the authorization. This included an analysis of the legal and regulatory requirements; preparation of the necessary documentation; preparation of a credit opening contract that complied with the regulations of the Consumer Protection Law of El Salvador; presentation before the SOM; defense of the client’s interests during the evaluation process; follow-up of the application and meetings with officials of the regulatory entity to ensure the success of the process.

This advice was provided in accordance with the provisions of the Consumer Protection Law, the Credit Card System Technical Standards, the Credit Card System Law, and the respective regulations.

Legal advice was provided by Senior Associate David Claros of García & Bodán in El Salvador.