From December 2022 in Ecuador Organic Law for the Development, Regulation and Control of Technological Financial Services (Fintech Law), which was approved by the Assembly months before. This August 7, the Committee on Monetary Policy and Regulation issued a resolution that regulates the currency, means and payment systems in Ecuador and activities fintech participants.

In 2021, there were 60 of them in Ecuador fintech in Quito, Guayaquil and Cuenca.

Those who will carry out fintech activities will be specialized electronic payment and payment companies (Sedpes). In its Article 24, the Resolution explains that these are “entities whose sole corporate purpose is to receive funds for the sole purpose of facilitating payments and transferring funds through authorized electronic means of payment; and sending and receiving money orders”.

Fintech activities already have a regulation that regulates them, which will receive its regulation in the next seven months

The law establishes that conditions such as:

The regulations issued by the Administration establish that these companies can provide the following services:

These companies must obtain an authorization to operate from the Central Bank, which will be communicated to the Supervisory Board of Banks so that the appropriate authorization can be issued.

“SEDPES can only manage electronic means of payment expressly approved by the Central Bank of Ecuador,” it said.