Your Smartphone, Your Lender

Corporate attorney María Camila Gámez wrote an article for Asuntos Legales about the rise of app-based digital lending and Colombia's Superintendence of Industry and Commerce (SIC) stepping up oversight of personal data processing, especially biometrics. Ms. Gámez explains how the fundamental right of habeas data enables users to access, update, rectify, certify and restrict disclosure of their information. She also details External Circular 01 of 2025, which classifies biometric data as sensitive and requires explicit consent, enhanced security, a ban on third-party sharing or centralized databases, and deletion at the end of the relationship. Ms. Gámez also notes that though consumers may refuse to provide biometric data, financial technology (FinTech) can offer alternative, off-app identity verification channels to grant credit in line with transparency principles.

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