Canada    FinTech Guide    Chapter 8    Colombia

8. Online Banking Services
Colombia  Colombia

The social and political climate towards online banking is very positive. There are no official figures at this point. Yet, non-official figures indicate that online banking has been growing 50% on a yearly basis as compared to the previous year.

Legal Affairs

FinTechs intending to offer traditional banking services must obtain an authorization from the Colombian State. Banking services can only be provided by authorized banks. The specific requirements to incorporate a bank in Colombia can be found in the Colombian Financial System Statute.

To provide online banking services, banks must comply with the general quality standards and security requirements for data handling as stablished by the basic legal circular issued by the Finance Superintendency. Mainly, banks are required to:

  • Have a two-factor authentication system.
  • Have a data encryption system for transactions over 2 monthly wages. For 2017, such amount corresponds to COP $ 1.475.434, roughly USD $ 500
  • Have a system that avoids duplicity of the operations due to communication issues.

Economic Conditions

There are no official figures as to this point. Yet, although most of the banks have online banking platforms, non-official figures show that 90% of the transactions in Colombia are still done in cash.

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 May 2018