Canada    FinTech Guide    Chapter 8    Colombia

8. Online Banking Services
Colombia  Colombia

Online banking services in Colombia are still in early stages. Yet, in 2018, as per the Colombian Financial Superintendence the transactions done through electronic means (COP$2.800 million) exceed those done by physical means (COP$2.700 million).

The social and political climate towards online banking is very positive and the banks are more often supporting services such as e-wallets and the contactless payments.

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 Superintendence. Mainly, banks are required to:

  • Have a two-factor authentication system.
  • Have a data encryption system for transactions over 2 monthly wages. For 2019, such amount corresponds to COP $1,656,232, roughly USD $510.
  • Have a system that avoids duplicity of the operations due to communication issues.

Economic Conditions

Colombia is slowly moving towards online banking, as of January 2019, the Colombian Financial Superintendence stated that 6 out of 10 bank users prefer to do their transactions through electronic means.

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