Bank of Portugal to assess Portugal’s Fintech sector

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The Bank of Portugal (BdP) is to carry out a general inspection of Fintech companies operating in the country to gauge if they are meeting all the regulatory requirements concerning security, information collection and data protection.
Included in this inspection will be all 13 payment management institutions and one company dealing with electronic currency.
Also involved are larger and more established companies such as SIBS, Unicâmbio, Easypay and Raize.
BdP, led by Carlos Costa, will target all companies that manage online and electronic payments (14) and the companies will have to meet all the supervisor’s requirements in order to renew their operating licenses with the bank.
The inspection has been set up after Carlos Costa stated in 2017 that the “new architecture and business models followed by suppliers of payment services required a multidisciplinary response from central banks and regulators in order to maximise opportunities and minimise risks to society.”