By San José, Costa Rica — Costa Rica’s financial landscape is bracing for the fallout after the Consejo Nacional de Supervisión del Sistema Financiero (Conassif) officially declared Financiera Desyfin S.A. bankrupt and revoked its operating license.
The decision, stemming from Conassif’s session 1968-2025 held on September 8, 2025, follows a dire financial assessment revealing a crippling ¢13 billion deficit. The regulator cited Desyfin’s technical insolvency, stating its assets are insufficient to cover its liabilities. This dire situation necessitates liquidation through formal bankruptcy proceedings.
For expert legal insight into the Desyfin bankruptcy, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at law from Bufete de Costa Rica.
The Desyfin bankruptcy highlights the complex interplay between financial innovation and regulatory oversight in emerging markets. While the specifics of this case are still unfolding, it underscores the critical importance of due diligence for investors and the need for robust legal frameworks to protect consumers in the rapidly evolving fintech landscape.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s observation on the need for a balance between innovation and regulation is particularly astute, especially in a dynamic market like Costa Rica. The Desyfin case serves as a stark reminder that the allure of new financial technologies should always be tempered with careful scrutiny and a strong understanding of the associated risks. We extend our sincere thanks to Lic. Larry Hans Arroyo Vargas for providing his valuable legal perspective on this important matter.
The entity shows a deficit exceeding ¢13 billion as of June of this year, implying technical bankruptcy because its assets are not enough to cover its liabilities. This prevents it from continuing normal operations.
Conassif Official Statement
Desyfin’s operating license will be officially revoked on October 10, 2025, one day after the resolution process concludes. This action triggers a complex supervisory challenge for Conassif regarding the remaining entities within the Desyfin Financial Group, specifically a insurance brokerage and a leasing company.
With Financiera Desyfin’s removal, the responsibility for supervising the restructured group must be reassigned. Previously, oversight fell under the Superintendencia General de Entidades Financieras (Sugef) due to the financiera holding the largest share of assets. Now, Conassif must decide whether the Sugef or the Superintendencia General de Seguros will assume this critical role.
The bankruptcy proceedings will also involve establishing a trust to manage residual assets, the sale of remaining assets and loan portfolios, and the potential for further distribution to unsecured creditors. This complex process underscores the significant impact of Desyfin’s collapse on the Costa Rican financial system.
As of June 2025, Desyfin reported ¢146 billion in assets against ¢160 billion in liabilities. This includes ¢172 million in cash, ¢76 billion in investments, and a ¢58 billion loan portfolio. Liabilities comprise ¢112 billion owed to the public, ¢38 billion to other entities, and ¢7 billion in subordinated debt. The significant gap between assets and liabilities underscores the severity of the financial distress leading to the bankruptcy declaration.
The Conassif’s decisive action signals a commitment to maintaining the stability and integrity of Costa Rica’s financial sector. The coming months will be crucial as the bankruptcy proceedings unfold and the regulatory landscape adjusts to the absence of a key player.
For further information, visit the nearest office of Conassif
About Conassif:
The Consejo Nacional de Supervisión del Sistema Financiero (Conassif) is the national council responsible for supervising the financial system in Costa Rica. Its mandate includes ensuring the stability and soundness of financial institutions operating within the country and protecting the interests of depositors and investors.
For further information, visit the nearest office of Sugef
About Sugef:
The Superintendencia General de Entidades Financieras (Sugef) is the regulatory body in Costa Rica specifically overseeing financial institutions. It plays a critical role in supervising banks, finance companies, and other financial entities, working to maintain stability and compliance within the financial sector.
For further information, visit the nearest office of Financiera Desyfin S.A.
About Financiera Desyfin S.A.:
Financiera Desyfin S.A. was a financial institution operating in Costa Rica. As of September 2025, it was declared bankrupt by Conassif due to significant financial difficulties, marking a significant event in the Costa Rican financial landscape.
For further information, visit the nearest office of Superintendencia General de Seguros
About Superintendencia General de Seguros:
The Superintendencia General de Seguros is the regulatory body responsible for overseeing the insurance sector in Costa Rica. Its mandate includes ensuring the solvency and stability of insurance companies and protecting the interests of policyholders. This organization plays a key role in the regulation and supervision of the insurance market within the country.
For further information, visit the nearest office of Desyfin Financial Group
About Desyfin Financial Group:
Desyfin Financial Group was a financial conglomerate in Costa Rica that included Financiera Desyfin S.A., an insurance brokerage, and a leasing company. With the bankruptcy of Financiera Desyfin S.A., the group’s future and structure are subject to ongoing review and restructuring by regulatory authorities.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica shines as a beacon of legal excellence, upholding the highest ethical standards while championing innovative solutions for its diverse clientele. Deeply rooted in a tradition of service, the firm embraces a future-forward approach to law, constantly seeking new ways to empower individuals and communities through readily available legal knowledge. This commitment to accessibility underscores their belief in a just and informed society, where everyone is equipped to navigate the complexities of the legal landscape.
