In Argentina, the Subsecretariat of Actions for the Defense of Consumers summoned a group of Fintech companies for alleged abusive and fraudulent conduct for non-compliance with the Consumer Defense Law. In addition, criminal complaints were filed. This was reported in an article by BAE Negocios. After these facts became known, the Argentine Chamber of Fintech issued a statement repudiating fraudulent practices.

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According to BAE Negocios, the Ministry of Productive Development stated that they were awarded to retirees and beneficiaries of the AUH (Universal Allowance per Child), contracts that they never applied for.

„Also, due to the exposure of online sales websites, many consumers reported being awarded credits that they did not require,“ they detailed in the article. Other reasons for the complaint were alleged „undue debits in savings and current accounts“ and deduction of „stamping“, „folders“ or „administrative expenses“ that would

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not correspond. In addition, abusive fees were allegedly found.

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Statement from the Argentine Chamber of Fintech
From the Argentine Chamber of Fintech, upon learning of the complaint, they issued the following statement:

„Today we take notice of a complaint made by the Ministry of Productive Development involving non-banking credit companies. As a Chamber, we promote a constant improvement of practices in an industry with more than 250 participants. We strongly oppose any type of fraudulent modality and we strongly repudiate practices that may be against the law and against users. In this regard, and in relation to electronic credit collection in particular, we formalized a Code of Good Practice in relation to the use of direct debit that was proposed to the relevant authorities in mid-March.

The Fintech sector is committed to the real, efficient and transparent financial inclusion of the entire population, especially those with fewer resources. Proof of this is the great support and continuous growth that the services of our partners have registered among users over the years and, in particular, in the context of the quarantine caused by the COVID-19 pandemic“.