Global FinTech Guide
Country Name
FinTechs belonging to this category provide identification services, which are required for most banking services.


Attitude of the country towards identification services

The Bank of Portugal actively promoted digital onboarding in 2017, issuing the Instruction 9/2017 aimed to allow video conferences for the purposes of identification. The first virtual onboarding process taking place in Portugal resulted from a cooperation agreement between Banco de Investimento Global and the FinTech LOQR. 

The FinTechs LOQR and hAPI partnered with other incumbents to provide identification and onboarding servers.

Legal affairs

Obligations and requirements to provide identification services

The identification services are mainly subject to the KYC requirements provided for in the AML legislation (see below) and the regime applicable to electronic contracts and digital signature (see below). 

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


Economic conditions

Market size for identification services and biggest companies in this business area

No public data available.

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




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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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