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:
- In the executive committee of the Fintech there must be at least one person responsible for technologies at the highest level.
- The suitability of the shareholders of the Fintech company. Their experience, technical solvency and reputation will be evaluated.
- The suitability of the members of the management team. Their experience, technical solvency and reputation will be evaluated.
- The internal organisation structure of the Fintech.
- The capital, the liquidity and the solvency.
- Risk prevention (fraud) and cybersecurity policies.
FinTechs to consider are 2gether Bank and Fidor Bank.