Cavalcanti, Rodrigo de Camargo2025-10-282025-10-282025SANTOS, Lorena Cecília Beraldo dos. Os desafios regulatórios das fintechs no Brasil: riscos sistêmicos que escapam da regulação tradicional. Goiânia (GO), 2025. 80 f. Dissertação (Mestrado Profissional em Direito Constitucional Econômico) - Centro Universitário Alves Faria, 2025.https://repositorio.unialfa.com.br/handle/123456789/667The idea that banking activities practiced until today have played an important role in the economic development of our society, and that they are being replaced by algorithms and technologies that prioritize the user by enhancing their experience and placing them at the center of their financial decisions, is the foundation on which fintechs are based, financial technology companies that combine technological innovation with the provision of financial products and services. This dissertation addresses the regulatory challenges of fintechs in Brazil, with special attention to the hypothesis that these innovations are capable of generating new sources of systemic risks that escape traditional regulation. To this end, it addresses the historical factors that enabled the emergence of fintechs in Brazil; discusses the regulatory challenges capable of ensuring the financial soundness of fintechs; and analyzes the systemic risks that escape traditional regulation, bringing to light the analysis of regulatory sandboxes as an alternative to systemic risk. Regarding methodology, the dissertation is based on a qualitative, exploratory and analytical investigation focused on the regulatory challenges faced in Brazil due to the advancement of fintechs, with special attention to systemic risks that are not captured by traditional regulatory mechanisms. As a data collection instrument, a bibliographic review was used, aimed at consolidating a critical and updated overview of academic production — national and international — on financial regulation, technological innovation, banking transformation and systemic risks, and rigorous documentary research, anchored in the analysis of materials produced by national institutions and international organizations with a regulatory or supervisory role. It was found that while promoting financial inclusion and introducing more agile and personalized technological solutions, fintechs reveal regulatory gaps, exposing the so-called pacing problem – the mismatch between the pace of innovations and the institutional capacity to monitor them effectively. In light of this scenario, the research advocates the need for more dynamic and collaborative regulatory strategies, such as the use of sandboxes, the interoperability promoted by Open Finance, the strengthening of consumer protection and international cooperation between regulators. It is therefore concluded that the sustainable advancement of fintechs depends on regulation that is, at the same time, technically sophisticated, socially oriented and open to dialogue with the very digital transformation it seeks to regulate.ptFintechsRiscos sistêmicosRegulação