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Colombia's SFC aims to attract a broader range of investors and support the market's overall growth.

Colombia's compulsory vehicle liability insurance provides roughly $72,000 or $192,000 USD in injury & disability coverage, depending on tier.

Overall, 25.7 million Colombians have now used at least one financial product. Of the nearly one million added in 2016, more than half were women.

Rafael Mejía López has been a Colombian Mercantile Exchange board member for more than 10 years and will join after serving as head of the Colombian Agricultural Society.