Spain: Financial Sector Assessment Program-Technical Note on Fintech Developments and Oversight

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2024 Issue 264

Publication date: August 2024

ISBN: 9798400286032

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , financial instruments directive , Banco de España , executive service , FINTECH development , payments services directive , supervisory authority , data protection authority , Fintech , Digital financial services , Digitalization , Caribbean , Europe , Global

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Summary

The scope of this assessment covered fintech developments in Spain, including digitalization of the banking sector, and the supervisory oversight of fintech activity. This technical note covers the impact of fintech on regulated firms, mainly banks; the interaction between new market entrants and existing firms; the approach towards industry monitoring; and the institutional arrangements for regulation and supervision of fintech, including overall supervisory cooperation.1 The authorities under the scope of this analysis were the three sectoral financial supervisory authorities—Banco de España (BdE), Comisión Nacional del Mercado de Valores (CNMV), and Directorate-General for Insurance and Pension Funds (DGSFP). The engagement with the Sandbox Coordination Commission and General Secretariat of the Treasury and International Financing (SGTFI) was focused on their respective roles in operating the regulatory sandbox.