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SUDEBAN and the rules governing financial technologies in Venezuela

Today, Fintech is one of the main drivers of the global economy. Therefore, companies that have not adapted their services technologically have found themselves in the need to improve their services and customer service through these technological implementations. Thus, many traditional businesses have increased their sales, and the benefits of integrating these technological resources have led to the creation of legal frameworks for them in almost every country in the world. In the case of Venezuela, SUDEBAN is the entity in charge of regulating the rules governing financial technologies since 2021. In that sense, today we will explain what a Fintech is and how they can operate legally in Venezuela.

What is a Fintech or financial technology?

The term Fintech refers to a sector made up of companies that use technological services to optimize the relationship between their customers and products or services. This means that any type of platform that integrates mobile banking or other online payment management falls into this type of category.

This type of financial technology has been growing steadily since the Covid-19 pandemic. This has brought with it the creation of different alternatives to traditional banking procedures. So within Fintech we have the following services:


  • Gestoría
  • Equity Finance
  • Personal Finance
  • Distribution of financial products
  • Neobanks and challenger banks
  • Loans
  • Payments
  • Investment
  • Financial infrastructure
  • Currencies

In this way, mobile and desktop applications have been able to promote the digital mindset that is so needed today in business environments. Making it possible for companies to adapt to the marketing of their products and services, with high rates of customer satisfaction. Therefore, it is important for insurance companies, restaurants, stores, and any other type of business to adapt to new technologies to enable payment facilities to their customers.

What is the regulatory framework for a Fintech in Venezuela?

SUDEBAN is the entity in charge of issuing the rules governing financial technologies in Venezuela. In the Official Gazette No. 42,151 dated June 17, 2021, the following regulations were published "Rules Governing Financial Technology Services (FINTECH)." that must be regulated through this entity.

This resolution subjects companies interested in implementing any type of financial technology service to a prior review with the highest body of the national financial system (OSFIN) in order to obtain authorization from SUDEBAN.

How can a Fintech legally operate in Venezuela?

In Venezuela, this resolution is the first to introduce the term "Fintech" in the regulations of the banking sector. But there are other instruments that contemplate elements related to these activities within the technological and financial sphere in Venezuela. For example, the General Rules on Payment Systems and Non-Banking Payment Service Providers issued by the Central Bank of Venezuela.

On the other hand, there are other norms that govern financial technologies, such as the Norms that Regulate the Point of Sale Service and the Contracting with Suppliers that carry out such commercializations. These norms are also regulated by SUDEBAN and are nested to other laws that regulate the financial system. In this way, it is important to highlight that the legal accompaniment by a team of professional experts in the area is essential for Fintech companies to operate normally in Venezuela. Because depending on the reality and commercial activities that are generated in the business unit, all the rules that regulate them can be identified.

Are there investment opportunities for financial technologies in Venezuela?

There are different investment opportunities related to financial technologies in Venezuela. As established in Article 16 of SUDEBAN's regulations governing financial technologies, the permitted activities are:

  • Opening bank accounts through new technologies.
  • Multi-platform banking solutions.
  • Use of freely available statistical data for financial purposes.
  • Connection platforms and banking institutions.
  • Compliance software.
  • Risk management solutions.
  • Banking as a service.

So there are different investment opportunities, either as a provider of technology services, as well as the maintenance and management of the same. It all depends on the focus of the business, and how they solve and simplify the needs of customers in the shortest possible time.

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