Why Zimplifica Registered with SUGEF

Commitment to Transparency from the Ground Up

In a digital ecosystem where trust is everything, acting with legal and regulatory responsibility is not a formality — it’s a strategic pillar.
At Zimplifica, we’ve understood that from day one. That’s why we made a decision that reinforces our commitment to transparency: registering with the Superintendence of Financial Institutions (SUGEF).

But what does that mean in practice?
And why did we choose to register?

Let us explain.

What is SUGEF and Why Does It Matter?

SUGEF is the regulatory authority that oversees both financial and non-bank financial entities in Costa Rica.
Its role is to ensure the stability of the financial system, transparency in operations, and the prevention of money laundering and terrorism financing.

In general terms, SUGEF classifies entities into two main categories:

• Financial intermediaries: These include public and private banks, credit unions, mutuals, finance companies, and solidarity associations. These institutions must meet strict regulatory controls related to operations, security, stability, solvency, among others.

• Non-bank financial companies: like Zimplifica. Since we do not conduct financial intermediation, we are only subject to Law 7786, which focuses on the prevention of money laundering and terrorism financing.

What is Financial Intermediation?

Financial intermediation involves collecting funds from the public — for example, through savings or checking accounts, or certificates of deposit — and then using those funds to issue loans or make investments.

Entities that perform intermediation assume the financial risk and manage the funds directly.

What Does Being Registered with SUGEF Mean?

Being registered with SUGEF is not a formality.
It was a strategic move that allowed us to later join the Central Bank of Costa Rica as a Payment Service Provider (PSP) and participate in the National Electronic Payment System (SINPE).

As a tech company, it means taking on a set of regulatory responsibilities, including:

• Applying Know Your Customer (KYC) policies
• Monitoring suspicious operations and reporting them when appropriate
• Establishing robust internal controls to prevent misuse of our platform
• Providing ongoing compliance training to our team
• Continuously updating procedures as laws and regulations evolve

This framework not only strengthens our internal culture — it also positions us as a trusted partner for clients, strategic allies, and regulatory authorities.

Conclusion: Innovation with Legality, Always

While many companies with similar models could operate without registration, Zimplifica chose a different path.
We chose to get ahead of regulation, because we believe that legality is a competitive advantage and a key foundation for long-term trust.

At Zimplifica:

• We protect our clients’ money
• We transfer and safeguard it securely
• We provide the technology so users can move their funds with speed, security, and full control

Being registered with SUGEF allows us to:

• Operate with legal backing and transparency
• Establish compliance standards comparable to traditional financial institutions
• Build strong relationships with partners, vendors, and banking allies
• Grow responsibly into new markets
• Participate in SINPE through the Central Bank of Costa Rica

That’s how we’re transforming the financial system: with trust, innovation, and transparency.