Canada    FinTech Guide    Chapter 8    Spain


8. Online Banking Services
AAA  Spain


Legal Affairs


There is no specific regulatory framework governing online banking. However, online banking services take deposits from the public, which are used for on-lending. In such cases, online banking services have to be provided only by entities that have a license.

Banks in Spain need an authorisation from the Bank of Spain and also an authorisation from the European Central Bank (ECB).

For the ECB authorisation, they published a guide in March 2018 as a result of the growing number of entities with Fintech business models that are applying to enter the financial market. Among others, the guide points out the following requirements:

  1. In the executive committee of the Fintech there must be at least one person responsible for technologies at the highest level.
  2. The suitability of the shareholders of the Fintech company. Their experience, technical solvency and reputation will be evaluated.
  3. The suitability of the members of the management team. Their experience, technical solvency and reputation will be evaluated.
  4. The internal organisation structure of the Fintech.
  5. The capital, the liquidity and the solvency.
  6. Risk prevention (fraud) and cybersecurity policies.


Economic Conditions


FinTechs to consider are 2gether Bank and Fidor Bank.



Contributing Authors

Ventura Garcés & López-Ibor

Claudi Garcés
Barcelona, Spain


Alfonso López-Ibor
Madrid, Spain

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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)

Disclaimer:
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