Institutions that make up Uruguay's financial system exceed minimum capital requirements.

Financial entities hold, on average, 62% more capital than regulatory authorities demand as a minimum, the office of President Tabaré Vázquez said in a statement, citing a report from the country's trade and investment promotion body Uruguay XXI.

The country, as it moves to bring its regulations in line with Basel III, will next year implement the Basel Committee's so-called net stable funding ratio, established to help increase bank resiliency, local paper El Observador reported.

Uruguay's financial system comprises two public banks, nine private sector banks and non-bank financial institutions.

The presidential office said the country has also advanced in the area of financial inclusion, citing the opening of 300,000 bank accounts as part of an inclusion program known as PIF, and rapid growth of card purchases.

Uruguay authorities are due to start regulating fintechs next year.