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Financial advisory and broking services including robo advisory and auto-trading
FinTechs belonging to this category offer advisory and broking services for investments usually via an internet platform.

Robo advisory services usually offer an investment proposition following a series of questions concerning the personal financial background and the risk-bearing capacity of the user. Sometimes the respective platform also enables the user to directly execute the proposed investment. 

Auto-trading concerns all services which automatically trade on behalf of the customer according to his or her specifications.

Apart from that some FinTechs collect and offer merely or as an ancillary service market information or operate comparison portals to increase the transparency of the capital markets and to help the investor with his decision-making. 

There are also FinTech-advertising-services which advertise various financial services or products.


Attitude of the country towards modern financial advisory and broking services

 Since the world of FinTechs is relatively new in the country and due to the lack of regulation, there are no FinTechs regarding modern financial advisory services currently in Costa Rica. Costa Rica is the ninth country in the world and the sixth Latin American nation where doing business is most difficult. It even occupies the first place at the Central American level, revealed by the Global Corporate Complexity Index 2021.

Despite the complexity of the jurisdiction, Costa Rica continues to be a destination for foreign direct investment (FDI), because although the need for transparency adds complexity, it also generates security, and this makes it an attractive place for foreign companies to establish operations in the country.

Legal affairs

Obligations and requirements to provide financial advisory and broking services, or ancillary services described above

Costa Rica does not have a legislation that specifically regulates FinTechs related to financial  advisory services. However, SUGEF regulation concerning general FinTechs in Costa Rica may be applied. 

To these companies could also apply the provisions of both Law 8968 on the Protection of the Person against the Processing of Their Personal Data, and Law 7472 on the Promotion of Competition and Effective Consumer Defense.

Additional comments regarding the legal situation for financial advisory and broking services, or adjacent services or what FinTech’s must be aware of in this business area


Economic conditions

Market size for financial advisory and broking services as well as adjacent services and biggest companies in this business area

We do not have current records regarding the market for financial advisory services. However, FinTechs are generating a transformation in the banking financial industry and pushing banks towards innovation and the use of technologies.

While in Costa Rica there is no official count of how many FinTechs are operating, the truth is that there is a group of startups and consolidated companies that have experienced considerable growth in recent years providing said services.

Additional comments regarding the economic situation for financial advisory and broking services as well as adjacent services or what FinTech’s must be aware of in this business area




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