Canada    FinTech Guide    Chapter 9    Colombia

9. Analytics and Research / Data Management / Risk Management
CanColombiada  Colombia

There is a public policy under development regarding big data. Individuals have become more empowered of their rights regarding the protection of their personal data following laws 1266 of 2008 and 1581 of 2012.

Legal Affairs

There is very little specific regulation regarding data and risk management or analytical and research services.

As per resolution 828 of 2015, the Ministry of Technology and Communications adopted the strategic sectorial plan for 2014–2018. Big data is referenced in this plan as a matter that must be studied and regulated as it can be beneficial for Colombia.

In March 2016, Alianza Caoba, a center on Big Data and Data Analytics was born as the result of a public and private entities alliance. Such entity looks forward to developing an ecosystem for analytical capacities in Colombia and to create a public policy regarding Big Data and Data Analytics in Colombia in cooperation with the National Department of Planning.

Pursuant to Laws 1266 of 2008 and 1581 of 2012, specific regulations as to the protection of personal data have been enacted in Colombia. Under such regulations, the individuals referred in data are the owners of this information and thus, can request their information to be erased.

Economic Conditions

There are no official figures regarding in this connection. Data and risk management market in Colombia has is developing slowly. There are some enterprises that are already providing such services.

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