The fintech sector is one of the few that enjoys good health at a time when almost all items suffer in a recessive situation. In particular, for just over two years, when the former head of the Central Bank, Federico Sturzenegger, deregulated the financial market and allowed him to operate without being met by the regulations that govern traditional banking.There are currently 223 companies, a figure that accounts for a growth of almost 65% measured in quantity since November last year. Much of the success of fintech was to target the unbanked population, which represents just over half of the economically active population, offering greater advantages supported by technology:- Less requirements: instead of just using credit history (which for many users is null because they are out of the system), they use additional sources of information, such as social networks, purchase histories, Google searches, among others- More agility: being 100% digital, it is not necessary for people to approach a branch or sign papers: everything is done from a cell phone. Even onboarding (registration), is done through photos of the document and selfies to check information in the National Registry of PersonsThis competition with the traditional financial industry is not without controversy and has been having strong attacks from both sides. While some bankers see these digital companies as a complement, others do not hide their anger at a BCRA that allows them to operate outside their radar."We do not compete against banks," says Marcos Galperín, founder and CEO of Mercado Libre, despite the fact that its financial unit - Mercado Pago - is already considered the most important fintech in Latin America. His phrase, rather than approach, aims to remove problems, mainly those related to the guild framing of his company as well as the entire fintech sector.When putting the name and surname of the conflicts that lurk all these companies in labor matters, emerges that of Sergio Palazzo, secretary of the La Bancaria guild, who has just sealed a 50% parity update that led to the minimum salary at $ 61,000 and thousands of people working in fintech and financial firms with digital DNA fight for nuclear under their union.All ready to move on fintechIn dialogue with iProUP, Palazzo points out that while he had announced that he would demand the representation of all these employees, he will now implement his plan to make this happen as soon as possible.In the next few days, the Bank will submit to the Ministry of Labor a trade union application of all fintech employees. These are almost 10,000 workers, according to figures from the chamber of the sector, which are affiliated with the Trade Union, except for management positions that are not in agreement."The technical teams are moving forward to make the presentation as soon as possible," Sergio Palazzo assures iProUP, adding: "Fintech workers are banking, simply because they perform banking tasks." The unionist affirms that "it will not only go against Mercado Libre" and that "the highest turnover of the Galperín company comes from Mercado Pago and Mercado Crédito".Palazzo remarks that we must separate the employees who perform these tasks (whom it aims to frame), with respect to those who work in the ecommerce platform, who can continue as a Commerce Employee."Now we go through all the digital platforms that provide financial services. We will go for the activity, which has smaller and bigger players," says the banking leader to iProUP.That document is being written by the following experts:- The lawyer Hernán Letcher- Economist Julia Estrada- Pedro Biscay, who was appointed as director in the BCRA by former Minister of Economy Axel Kicillof and removed by decree during the macrismo- Political scientist Eduardo Codianni, director and founding member of the Center for Financial Integration Studies- The legal study of Héctor Recalde, lawyer of the CGT and former deputy of the Front for VictoryPalazzo anticipates to iProUP that there will be no agreement "tailored" to fintech, but the idea is to "extrapolate that of the bankers, respecting the base salary, the bonuses, the duration of the working day, the categories and the career." With the last increase received by its sector and that closed the parity by 50%, the banks will go on to collect a base salary of almost $ 60,000 at the end of the year, while the basic of the trade union for August is half.To this we must add that on November 6, Banking Day, employees will collect their traditional bonus, which will amount to $ 50,000.Palazzo reissues the discussion about the fintech business that does not mediate. That is, they do not use savings deposits to lend to those who request loans, but instead dedicate their own funds. This leaves them out of the Financial Entities Law and, in addition, of the "personal brand" of the Central Bank.For now, several traditional entities have already built their own fintech, as is the case of Banco Nación itself and its PIM wallet, which depends on the company Nation Services and has already received complaints from La Bancaria; or Galicia, with Orange X.The case of digital banks - such as Wilobank, Brubank and Rebanking - is different: as they require a license from the BCRA to operate and are enabled for financial intermediation, their workers must be framed in the banking agreement.For Palazzo, it is not only necessary to frame the Fintech workers within their guild. He also believes that these new companies must be subject to the same obligations as the traditional ones. His position coincides with that of many bankers who chew anger at what they believe is unfair competition."There has to be an entity that regulates fintech. No one controls them even on money laundering issues. Nor are they obliged to make withholding of Gross Profit and Income as is the rest of the financial institutions," Palazzo concludes. iProUP.What is the true guild framing?
Like the existence or not of a relationship of dependency of distributors with respect to the platforms Rappi, Glovo and OrdersYa; Among labor lawyers there is no single criterion to define the union framework of fintech employees."There is a novel debate about fintech, whether it is a bank job or not. On the activity, which could be financial, it would enter into the banking statute. The claim is valid," remarks Juan Carlos Cerutti, director of the Law Area of ââthe Study work Plan A.On the other hand, for Solana de Diego, from the De Diego & Asociados study, "it is quite questionable that Fintech workers fall under the banking agreement.""They are not governed by the banking activity, which is regulated by the Central Bank. Fintech are not achieved, but are commercial activities through digital platforms," ââsaid the lawyer.De Diego says that these new companies do not frame "by discard" their employees in the trade union, but that their activity is based on the fact that "the object of fintech activities are commercial operations: receive and deliver money, which was included by the Labor Contract Law as a valid means to collect salary through these platforms. "Cerutti, meanwhile, highlights the case of Mercado Libre, a company that develops more than one activity and, therefore, could have different union frameworks, which does not present problems with Argentine legislation. "The lawyer indicates that 50% of partisans who "got Palazzo is based on the fact that what the banks have earned is not consistent with any other item in Argentina", so "it would not seem possible that all employees are banking.""It is interesting that Commerce, Distribution and Banking have their affiliates within the new platforms. From the Labor Law we will have to aim to be able to resolve these conflicts with greater openness than in past decades," he says.Diego, meanwhile, says it is "super important to detect the core business of a company to identify what is real trade union."And he adds: "We cannot get along with the use of technology when the main activity may be something that has nothing to do with technology. The use of computer tools does not define the main activity of the company."The cards are on the table. The banking union promises to advance on the fintech platforms, while these new firms look for the most profitable way to carry out a business that promises to continue evolving in the coming years.For Cerutti, Palazzo will not face in a "raw" way the merchant guild, as if "as at the beginning of the 2000 Truckers was advanced on Commerce". And he concludes: "There are times of consensus and dialogues, in which companies and the union should not refuse to talk."