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E-FINANCE IN BRAZIL

E-FINANCE IN BRAZIL. REGIONAL HIGH-LEVEL WORKSHOP ON ELECTRONIC COMMERCE AND ICT FOR CENTRAL AMERICA AND THE CARIBBEAN (25-27 JUNE 2002, CURAÇAO, N.A.) Roberto Bedrikow Legal Manager, SERASA. PRESENTATION OUTLINE. Introduction Digital inclusion: a shared challenge

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E-FINANCE IN BRAZIL

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  1. FAMO-MODELO-000

  2. FAMO-MODELO-000 E-FINANCE IN BRAZIL REGIONAL HIGH-LEVEL WORKSHOP ON ELECTRONIC COMMERCE AND ICT FOR CENTRAL AMERICA AND THE CARIBBEAN (25-27 JUNE 2002, CURAÇAO, N.A.) Roberto Bedrikow Legal Manager, SERASA

  3. FAMO-MODELO-000 PRESENTATION OUTLINE • Introduction • Digital inclusion: a shared challenge • Security of electronic information: the Gov-PKI • Security of e-commerce and e-finance: Brazil-PKI • The New Brazilian Payments System • Other initiatives for improving the internet’s reliability • Conclusions

  4. FAMO-MODELO-000 INTRODUCTION • E-finance = internet-mediated financial services • Expert Meeting’s recommendations on e-finance:- friendly regulatory environment - secure methods of electronic transmission - legally binding e-messages and e-contracts - supportive institutional environment - public-private co-operation • Development of effective e-finance services in Brazil:- Government/private actions - adoption of minimum regulatory measures - market demand for legally binding contracts

  5. FAMO-MODELO-000 DIGITAL INCLUSION (I) • 1999: INFORMATION SOCIETY PROGRAMMErequires actions from: ~ the Government ~ the private sector ~ the civil society • 2000:EXECUTIVE COMMITTEE ON E-COMMERCE6 Ministries 1 National Telecommunications Agency 1 Academic Community 6 Private Sector: - 3 Industry, Commerce and Transport - 1 Software Services Companies - 1 Internet Providers - 1 Banks

  6. FAMO-MODELO-000 DIGITAL INCLUSION (II) • FINANCIAL TRANSACTIONS AUTOMATED 1998 60.3% 2000 74.7% R$12.2 billions (1US$=R$2.7) 2001 R$20 billions (+) Financial system in a leading position in: ~ introducing new technologies ~ creating a new technological culture • HOUSEHOLDS WITH ACCESS TO INTERNET 2000/2001: 50% growth 2002: 13 millions

  7. FAMO-MODELO-000 DIGITAL INCLUSION (III) • INTERNET BANKING 370 MILLIONS (2000) • ON-LINE BUSINESS US$ 1.7 BILLIONS (2000) • PERSONAL CREDIT1995-99 103% GROWTH 1995-00 586% GROWTH • CREDIT INFORMATION (SERASA) 2002: 2.5 MILLIONS QUERIES/DAY

  8. FAMO-MODELO-000 DIGITAL INCLUSION (IV) • PRIVATISATION OF TELECOMMUNICATIONS INCREASED THE OFFER OF SUCH SERVICES TO BRAZILIANS IN GENERAL • DEVELOPMENT OF E-FINANCE DEPENDS MUCH MORE ON SECURITY OF THE TRANSACTIONS AND THE LEGALLY BINDING NATURE OF ELECTRONIC DOCUMENTS AND MESSAGES THAN ON TECHNOLOGICAL REVOLUTION AS TO ACCESS TO INTERNET AND E-FINANCE • FULL ACCESS TO INTERNET IS STILL UNACHIEVED: PUBLIC POLICIES NEEDED

  9. FAMO-MODELO-000 THE GOV-PKI • Government’s commitment to new technologies in the Federal Administration • The Security Issue: 4 principles: - availability - integrity - confidentiality - authenticity

  10. FAMO-MODELO-000 THE GOV-PKI • Trust defined required public and private CA and RA to be formally approved and operate under a CA Root • Before came into operation the private sector expressed its interest in broadening the scope of Gov-PKI • The Brazilian Banks Associations Federation asked for a regulated-PKI allowing for secure and legally binding financial transactions, that is for real e-finance

  11. FAMO-MODELO-000 THE BRAZIL-PKI • Three main concerns: - security - trustworthiness - legal validity

  12. FAMO-MODELO-000 THE BRAZIL-PKI • “Medida Provisória” (Presidential Act) 2.200-2 • Art. 10, paragraph 1: legal validity of electronic documents and transactions, provided made using Brazil-PKI digital certificates or other previous agreed by the parties • Federal entities required to use only Brazil-PKI digital certificates • The AC Root (Information Technology Institute) moved from MST to be attached directly to the Presidency of the Republic itself

  13. FAMO-MODELO-000 The New Brazilian Payments System • Since 22 April 2002 • Payments transfers are made electronically • Amount of money available increases • Credit risks decreases • Security improved since positions are updated many times during the day • BPS uses Brazil-PKI digital certificates by SERPRO (public sector) and SERASA

  14. FAMO-MODELO-000 Other Initiatives • BS 7799 and ISO 17799 • Bills on privacy and consumer protection • Bills on cybercrime (Government, Parliament and Civil Society) • Credit risks decreases

  15. FAMO-MODELO-000 CONCLUSIONS • Government is committed and gives the example • Financial sector introduces technology and culture • Co-operation between Government and private sector, particularly the financial sector • Security: d-commerce • Legal validity of documents and transactions • Trust • Public Policies must always continue (long term effect)

  16. FAMO-MODELO-000 CONTACT AND INFORMATION • E-mail: robertobedrikow@serasa.com.br • www.iti.gov.br • www.icpbrasil.gov.br

  17. FAMO-MODELO-000

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