Through Resolution JPRF-F-2023-076 (hereinafter “Resolution“), issued on September 11, 2023, and published in the Second Supplement to the Official Gazette 402 of September 22, 2023, the Board of Financial Policy and Regulation (hereinafter “JPRF“) enacted “Regulations for Fintech Entities”.

This Regulation aims to articulate the application of Ecuador’s Law for the Development, Regulation, and Control of Technological Financial Services (“Fintech Law”).

All entities that offer financial services or products centered on technology are required to:

  1. Comply with money laundering prevention regulations issued by the JPRF and the Banking Superintendency.


  1. Designate a primary and alternate compliance officer, both of whom shall carry out their duties at least on a part-time basis.

Particularly, this Resolution regulates digital credit-granting entities which encompass those institutions exclusively providing credit through electronic platforms.

Digital credit-granting entities shall refrain from soliciting funds for the purpose of intermediation and are obligated to establish provisions for the diverse credit segments they service in accordance with the percentages stipulated in the Resolution.

Additionally, digital credit-granting entities must consider and comply with the following provisions for their operation:

i.    Establish themselves with a minimum capital of two hundred thousand United States dollars (USD 200,000).

ii.    Prior to the beginning of their operation they must qualify as digital credit-granting entities before the Banking Superintendency.  Qualification requirements are yet to be defined, but they will encompass assessment criteria centered on risk management, cybersecurity, and information security.

iii.    Subject themselves to the oversight and regulation of the Banking Superintendency.

iv.    Provide direct credit, including credit cards, to all credit segments recognized in applicable regulations.

v.    Implement a thorough customer creditworthiness assessment process for which digital credit-granting entities must access the customer’s credit history.

vi.    Effect disbursements by means of transfers from accounts that the entity holds in the national financial system.

vii.    Ensure the rights and protection of financial consumers in accordance with the standards outlined in the Resolution and additional applicable legislation.

viii.    Adhere to regulations established for financial institutions with regards to portfolio classification, novation, refinancing, restructuring, and the write-off of obligations.

ix.    Establish a Risk Management Committee that will oversight and implement the necessary measures to ensure effective risk management.

x.    Designate a Chief Information Security Officer who must oversee the formulation of policies, objectives, and procedures aimed at preserving the security of the institution’s information.

Until Novembre 22, 2023 Ecuador´s Banking Superintendency must issue the requirements for the qualification of digital credit-granting entities.


Juan Fernando Riera, associate at CorralRosales
+593 2 2544144


DISCLAIMER: El texto anterior ha sido elaborado con fines informativos. CorralRosales no es responsable de ninguna pérdida o daño ocasionado como consecuencia de haberse actuado o dejado de actuar en base a la información contenida en este documento. Cualquier situación determinada adicional requiere la opinión y concepto específico de la firma en Quito / Guayaquil, Ecuador.