Global FinTech Guide
Country Name
Asset and portfolio management
FinTechs belonging to this category offer asset and portfolio management services via an internet platform or software programs and usually manage and dispose of the assets of their customers long or short term according to their specifications without actually holding the property or the possession of those assets. FinTechs, which provide information about and access to overnight or time deposit accounts at national and foreign banks and which execute the transactions to these accounts, also belong to this category. Some FinTechs however only act on request of the customer.

Aside from that some FinTechs offer software or internet solutions enabling users to manage and plan their personal finances on their own by providing graphics, overviews and compilations of their financial data and sometimes indicating financial risks or opportunities, but without actually managing the assets.


Attitude of the country towards modern asset and portfolio management services

Article 335 of the Colombian Constitution states that financial, stock market, and insurance activities and any other activity related to the management, use and investment of funds collected from the public are of public interest and can only be performed with the prior authorisation of the Colombian State. 

Thus, the activities referred above can be carried out with prior authorisation from the Financial Superintendence of Colombia. To this effect, the requirements stated by the Colombian Financial Organic Statute must be complied with to obtain the relevant license to operate as a financial institution in Colombia.

The social climate towards modern asset and portfolio management is developing positively within the population. People are now looking towards new and innovative ways to invest and obtain profits other than the ones in their day to day lives. Yet, the government is still very conservative and only those with prior authorisations are allowed to safeguard and manage these types of investments. Being so, the options are limited and are slowing down the development of innovative technology. 

Legal affairs

Obligations and requirements to provide asset and portfolio management, or ancillary services described above

There is no specific regulation in Colombia regarding FinTechs offering asset and portfolio management services via an internet platform or software programs. Therefore, FinTechs or other companies offering asset and portfolio management services via an internet platform or software programs to manage and dispose of the assets of their customers will require an authorisation from the Colombian State.

In addition, Decree 2555 of 2010 states that portfolios can only be managed by stockbroker companies, trust companies or investment management companies duly authorised by the Colombian Finance Superintendence.

Additional comments regarding the legal situation for asset and portfolio management services or what FinTech’s must be aware of in this business area


Economic conditions

Market size for asset and portfolio management services and biggest companies in this business area

Asset management industry is a growing market. Financial innovation is an inexhaustible source to realise the growth potential. The biggest companies in the market are:

  • Citibank;
  • Davivienda;
  • Scotiabank-Colpatria;
  • BBVA (Banco Bilbao Vizcaya Argentaria);
  • Bancolombia; and
  • Banco de Bogotá.

Additional comments regarding the economic situation for asset and portfolio management services or what FinTech’s must be aware of in this business area

Financial innovation is an almost inexhaustible source to materialise the growth potential. The main function of the sector continues to be to help meet the needs of the population, which are dynamic. Companies increasingly require 'made-to-measure' products for their flows, involving different currencies and risks. Governments seek to improve the efficiency of their relationship with the population (payment of subsidies, pensions, and taxes) and run their budgets with greater transparency. Households, in addition to the traditional desire to finance 'house, car and scholarship', also demand new products, due to the greater longevity and income of its members. 

As you can see, the possibilities for innovation are very broad. Its materialisation depends fundamentally on the creativity of the financial sector and regulatory limits. All the aforementioned elements suggest that the Colombian financial sector will continue to grow significantly over the coming decades.




© 2022, Parra Rodríguez Abogados S.A.S.. All rights reserved by Parra Rodríguez Abogados S.A.S. as author and the owner of the copyright in this chapter. Parra Rodríguez Abogados S.A.S. has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

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.


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