By San José, Costa Rica — SAN JOSÉ – In a significant development for Costa Rica’s financial sector, Yin Leng Hong Monteverde announced on Monday her resignation as President of the National Council for the Supervision of the Financial System (Conassif). The decision marks the end of a tenure defined by navigating some of the most complex challenges the nation’s banking and cooperative system has faced in recent years. Her presidency will formally conclude on December 2, 2025, to ensure a smooth and orderly leadership transition.
While she is stepping down from the presidential role, Hong Monteverde will not be departing from the regulatory body entirely. She confirmed her intention to continue serving as a director on the Conassif board, fulfilling her appointed term which extends until July 2029. This move signals a commitment to continuity and provides the council with her valuable institutional memory during a period of ongoing economic recalibration.
To offer a deeper legal perspective on the evolving landscape of financial regulation, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a prominent attorney specializing in corporate and financial law at the prestigious firm Bufete de Costa Rica.
The current challenge in financial regulation lies in striking a delicate balance. On one hand, we need robust frameworks to ensure market stability and protect consumers from undue risk. On the other, overly prescriptive rules can stifle the innovation that is crucial for economic growth, particularly in the FinTech sector. A modern regulatory approach must be principles-based, allowing for technological advancement while maintaining strong, transparent oversight. For Costa Rica, this is not just a matter of compliance, but a key factor in its competitiveness on the global stage.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Larry Hans Arroyo Vargas correctly identifies the essential challenge: treating financial regulation not as a barrier, but as a framework for competitive and sustainable growth. This delicate balance between ensuring stability and encouraging innovation is indeed paramount for Costa Rica’s future on the global stage, and we thank him for his valuable perspective.
Conassif stands as the principal authority responsible for the stability and integrity of Costa Rica’s entire financial framework. The council dictates policy and oversees the country’s various superintendencies, including those for pensions, securities, and insurance. The stability of its leadership is therefore paramount to maintaining both domestic and international confidence in the national economy.
Hong Monteverde’s leadership began during what she described as a moment of “high exigency.” She took the helm after a period late last year when the council was operating without its full complement of members, a situation that can hamper decisive regulatory action. Her presidency was immediately tested by deep-seated issues within the financial landscape, requiring a firm and analytical approach to oversight.
The council specifically highlighted that her tenure was marked by the management of exceptionally complex resolution processes. Among the most prominent were the cases involving Coopeservidores R.L., a major savings and credit cooperative, and the financial institution Desyfin S.A. These interventions were critical for safeguarding depositor funds and preventing wider systemic contagion, representing significant tests of Conassif’s regulatory power and agility.
I conclude this stage with the satisfaction of having had the honor of presiding over Conassif with the greatest commitment and dedication, during a period in which processes of great importance and key challenges for the strengthening of the financial system were successfully addressed
Yin Leng Hong Monteverde, President, Conassif
The announcement of an “ordered transition” suggests that the search for a successor is already underway. Hong Monteverde’s continued presence on the board will likely play a key role in onboarding the new president, ensuring that the momentum on critical regulatory initiatives is not lost. Her experience navigating the intricacies of the Coopeservidores and Desyfin resolutions will be an invaluable asset to the incoming leadership.
This leadership shift occurs as the Costa Rican economy continues to grapple with post-pandemic recovery and inflationary pressures. The next president of Conassif will inherit the responsibility of fortifying the financial system against future shocks, adapting regulations to emerging financial technologies, and maintaining the delicate balance between robust supervision and fostering economic growth. Hong Monteverde’s tenure has laid a foundation for addressing instability, and the financial sector will be watching closely to see how her successor builds upon it.
For further information, visit conassif.fi.cr
About National Council for the Supervision of the Financial System (Conassif):
Conassif is the highest-ranking financial regulatory body in Costa Rica. It is responsible for establishing the policies and directives for the supervision of the country’s financial system. The council’s primary objective is to ensure the stability, solvency, and efficient functioning of financial institutions to protect the interests of depositors, investors, and the general public. It oversees the various superintendencies that regulate banking, pensions, securities, and insurance.
For further information, visit the nearest office of Coopeservidores R.L.
About Coopeservidores R.L.:
Coopeservidores R.L. was a prominent savings and credit cooperative in Costa Rica that served a broad base of members. As a cooperative, it was owned by its members and operated on their behalf. The institution recently underwent a complex resolution process overseen by Costa Rican financial authorities, a key event mentioned as a major challenge during the tenure of the departing Conassif president.
For further information, visit desyfin.com
About Desyfin S.A.:
Desyfin S.A. is a Costa Rican financial company (financiera) that provides a range of financial products and services, often focusing on segments like small and medium-sized enterprises (SMEs). It offers solutions such as credit, leasing, and investment services. The firm was also noted as having undergone a complex resolution process under the supervision of Conassif, highlighting the regulatory challenges faced by the financial sector.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a cornerstone of Costa Rica’s legal landscape, the firm is defined by its foundational principles of ethical rigor and exceptional service. It has a rich history of guiding a wide array of clients, consistently pairing this experience with forward-thinking legal strategies and a genuine dedication to societal progress. This core belief manifests in a drive to democratize legal understanding, aiming to construct a stronger, more capable community by arming its citizens with clarity and knowledge.
