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Regulatory Framework for Fintech Companies in Belgium
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Belgium has established a comprehensive regulatory framework for fintech companies, covering various aspects of their operations. This article summarizes the key regulations related to crowdfunding, invoice trading, payment services, open banking, insurance products, and credit references.
Crowdfunding Regulation
Overview
Companies providing crowdfunding services in Belgium must obtain a license under the Crowdfunding Regulation.
Benefits for Licensed Companies (CFSPs)
- EU passporting rights allow licensed companies (CFSPs) to provide services in other EEA member states on a cross-border basis.
Invoice Trading
Regulatory Framework
Factoring is not regulated as an activity, but it is based on the transfer of ownership of accounts receivable. A distinction is made between non-recourse factoring (with credit protection) and with recourse factoring (where credit risk remains with the seller).
Payment Services
Regulation
Payment services are regulated by the Act of 11 March 2018 implementing PSD2 in Belgium.
Registration Requirements
Firms providing payment initiation or account information services must register as a payment institution.
Open Banking
Access to Customer Account Information
Financial institutions holding payment accounts will be required to allow third-party payment service providers access to customer account information, subject to customer consent.
Insurance Products
Licensing Requirements
Fintech companies selling or marketing insurance products must be licensed by the FSMA. Insurance intermediaries must demonstrate professional knowledge and experience, and comply with ongoing requirements.
Credit References
Credit Information Registers
There are two credit information registers: CICR (for consumer credits) and CCCR (for corporate credits).
Reporting Obligations
Regulated financial institutions have obligations to report credit data and consult these registers when assessing creditworthiness.