Does your jurisdiction regulate Fintech services under the traditional Financial Services laws or does it have any ad hoc regulatory frameworks for fintech services? (Financial Services Laws/Ad Hoc Framework/Hybrid)

Fintech services in Peru are regulated in a decentralized manner. Their regulation does not start from a single entity and is different depending on the issuing entity.

These have issued different rules to regulate different aspects of these services. Among the rules we have: (i) Regulation for the temporary performance of activities in novel models (SBS Resolution No. 2429-2021); (ii)Regulation of factoring, discounting and factoring companies (SBS Resolution No. 4358-2015); (iii) Regulation of the financial holding financing activity and its managing companies (SMV Resolution No. 045-2021-SMV/02); (iv) Regulation of Electronic Money Issuing Companies (SBS Resolution No. 6284-2013); and (v) Law regulating the basic characteristics of electronic money as an instrument of financial inclusion (Law No. 29985).

Make a list of fintech services that may obtain a licence in your jurisdiction? 

Fintech services that could operate in Peru are:

1. Information aggregation and analysis.
2. Online money exchange.
3. Alternative financing (factoring, crowdfunding, leasing).
4. Financial advisory services.
5. Payment solutions.
6. Insurtech.
7. Virtual assets (digital wallets, cryptocurrencies).
8. Regtech/Suptech.

No limitation, as the license is subject to the requirements for authorization being met.

What is(are) the name(s) of the regulatory authority(ies) responsible to grant licences and regulate fintech service providers? If there is more than one, please list which fintech services are regulated by which authority.

Superintendencia de Banca y Seguros (SBS), Superintendencia de Mercado de Valores (SMV) y Banco Central de Reserva del Perú (BCRP)

Are there any specific restrictions on the types of fintech services that can be offered in and/or from your jurisdiction?

There are restrictions that must be taken into account when offering financial technology services in Peru, especially those policies of financial technology companies that affect consumer protection measures, compliance with minimum requirements required by the supervisory entity, compliance anti money laundering and financing of terrorism policies, and measures for the protection of competition. 

Is reverse solicitation allowed in your jurisdiction, for fintech firms licensed in other reputable jurisidictions? (Meaning that a third-country fintech firm can offer services to clients in your jurisdiction providing its at the exclusive initiative of the client).

Clients requesting financial technology services from other countries other than Peru is not prohibited, as long as the provision of these services does not constitute a criminal act.

Are there any specific requirements for companies providing fintech services in your jurisdiction?

In case of financial services such as loans, factoring, financial leases, money exchange, fintechs must file for registration before the SBS. Requirements for such registration are basically for duly identification purposes. However, if certain thresholds are reached during the fintech’s operations, filing for a full license as a financial company must be made.

Are there any specific consumer protection measures that apply to fintech services in your jurisdiction?

Yes, in Peru there are consumer protection measures, such as Law 31143, which protects consumers of financial services from usury, and INDECOPI (National Institute for the Defense of Competition and Protection of Intellectual Property) promotes the protection of consumer rights.

Are there any other legal issues that companies should be aware of when providing fintech services in your jurisdiction?

Companies operating in Peru must take into account that the regulation of the fintech sector is being regulated progressively, so that currently certain sectors are not regulated, also, in many cases the regulations have not been adapted to the provision of technological services.

On the other hand, companies operating in Peru must take into consideration existing regulations on personal data protection, competition protection regulations, anti-money laundering and anti-terrorist financing regulations, among others.

Are virtual assets (such as cryptocurrencies and) permitted in your jurisdiction? (Yes/No)

Yes

If the answer is Yes, is there any licensing /authorisation/notification process that needs to be followed for a person to issue a new virtual asset? (Yes/No)

No

If the answer is Yes, please provide a summary of the process that needs to be followed by a person to issue a new virtual asset).

N/A

Are Virtual Asset service providers regulated in your jurisdiction? (Yes/No)

No

If the answer to your previous question is Yes, please provide a summary of the framework that regulates such service providers explaining which licence(s) need to be obtained from which authority(ies).

N/A

Are you as a firm providing services and advice relating to Virtual Assets? (Yes/No)

No

Please feel free to add any pertinent comments in addition to your answers.

In Peru there is no specific regulation for particular areas of the fintech sector. However, the SBS has expressed its intention to develop applicable regulations.

Peru also has a “”regulatory sandbox”” that makes it possible to test new banking models and services involving the use of virtual assets and crypto-assets.