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 Romanian banking market is rather well-developed, and RegTech-services providers may encounter competition hindrances for entrance on the market. It should be noted that the Financial Supervisory Authority of Romania (the “FSA”) supports the development of the RegTech industry, according to its 2021-2023 strategy.

Legal affairs

Obligations and requirements to provide RegTech-services

Although there is no specific license or specific regulation for RegTech-services or companies under Romanian law, other licensing or compliance requirements may be applicable, depending on the category of services performed. Thus, the performance of RegTech-services may overlap legal areas such as personal data protection, digital signatures and identification, financial services (insurance included), electronic communications and e-commerce, consumer protection, anti-money laundering, etc. – which, however, are not specifically designed for RegTech companies (and setting aside common regulatory aspects such as corporate, employment, accounting, tax etc.). From this perspective, RegTech companies would need to consider a wide variety of generally applicable regulations before initiating business in Romania.

In addition, the contracting by credit institutions of RegTech services may be deemed as outsourcing of material activities, thus subject to notification to the National Bank of Romania.

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

We haven’t identified any relevant available data.

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

Under the Romanian current legal framework of financial services, regulated entities are liable for regulatory compliance, including KYC verifications, in a rather tight legal and regulatory environment. Thus, any FinTech searching to provide services to such entities will need to consider rather significant liability aspects in contracting with Romanian regulated entities.



© 2022, Tuca Zbârcea Asociatii. All rights reserved by Tuca Zbârcea Asociatii as author and the owner of the copyright in this chapter. Tuca Zbârcea Asociatii 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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