Canada    FinTech Guide    Chapter 14    Colombia

14. RegTech
Colombia  Colombia

The social and political climate towards RegTech-services is positive. The Colombian Finance Superintendence just launched the first regulatory sandbox in Colombia to facilitate the innovation in the Colombian financial industry.

This regulatory sandbox has facilitated that FinTechs companies and other innovators develop different projects in a controlled environment under the Colombian Finance Superintendence’s supervision.

The purpose of the RegTech tool is to take advantage of technological developments to boost innovation, optimize internal processes and reducing certain operational burdens of the Colombian Financial Superintendence.

Legal Affairs

RegTech services are not yet regulated under Colombian Law.

On the other hand, the projects born in the Sandbox are already being implement. The Colombian Financial Superintendence launched its program named “InnovaSFC” to best develop initiatives in the RegTech sector.

Economic Conditions

Contributing Authors

Parra Rodríguez Abogados S.A.S.

Alvaro Parra Gómez
Bogota, Colombia

Bernardo Rodríguez Ossa
Bogota, Colombia

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 August 2019