Fintech Companies Must Have Organisational Authorization to Participate in Regulatory Sandbox

The Superintendencia de Banca, Seguros y AFP (SBS), Peru’s financial regulatory authority, has clarified that fintech companies must have an organisational authorization from the SBS before participating in its regulatory sandbox program.

Requirements for Participation

Fintech companies can apply to the sandbox program under Peru’s Banking Law and the Reglamento para la realización temporal de actividades en modelos novedosos (Sandbox Regulation). However, they must first obtain an organisational authorization granted by the SBS. This means that fintech companies undergoing incorporation or those without an existing organizational authorization will not be eligible to participate.

Benefits of the Sandbox Program

The sandbox program allows fintech companies to carry out pilot tests of innovative models and activities, subject to prior authorization from the SBS. The program aims to:

• Promote innovation and experimentation
• Ensure compliance with regulatory requirements

Regulatory Landscape in Peru’s Fintech Sector

Other regulators in Peru’s fintech sector include:

Superintendencia del Mercado de Valores (SMV)

Regulates the securities market

Banco Central de Reserva del Perú (BCRP)

Responsible for monetary policy and financial stability

Instituto Nacional de Defensa de la Competencia y de la Propiedad Intelectual (INDECOPI)

Promotes free competition, intellectual property rights, and consumer protection

Additional Requirements

Fintech companies must also comply with:

• Anti-money laundering and combating the financing of terrorism regulations
• Data protection laws and regulations