Global FinTech Guide
Country Name
RegTech and compliance management
RegTech is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.


Attitude of the country towards RegTech-services

The social and political climate towards RegTech-services is positive. The Colombian Finance Superintendence launched the first regulatory sandbox in Colombia to facilitate the innovation in the Colombian financial industry. This regulatory sandbox has facilitated that FinTechs companies and other innovators develop different projects in a controlled environment under the Colombian Finance Superintendence’s supervision. 

The purpose of the RegTech tool is to take advantage of technological developments to boost innovation, optimise internal processes and reducing certain operational burdens of the Colombian Financial Superintendence.

Legal affairs  

Obligations and requirements to provide RegTech-services

RegTech services are not yet regulated under Colombian Law.

Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area


Economic conditions

Market size for RegTech-services and biggest companies in this business area

In 2015, there were two (2) suppliers of RegTech services in the market, in 2021 we had 15 suppliers of this type of product, the increase has been a success, and this shows that Colombia is upgrading significantly on par with the major economies of Latin America. 

Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area




© 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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