This page offers a contact channel on fintech, to clarify questions on innovation in financial products and services, providing relevant information in this field.
As national supervisory authority, macroprudential authority and payment systems overseer, Banco de Portugal keeps track of developments in financial innovation:
- It partners with the relevant national and international entities to develop financial services regulation, among them the National Council of Financial Supervisors, the European Banking Authority, the Single Supervisory Mechanism and the European Systemic Risk Board;
- It encourages and takes part in debate on the risks and opportunities that technological innovation – for example, artificial intelligence, the technologies behind the so-called 'virtual currencies' and the use of big data – puts within the reach of financial services;
- It assesses the impact of digital transformation in terms of internal organisation and processes, with the goal of increasing effectiveness and efficiency in carrying out its mission to safeguard financial stability and price stability;
- It keeps track of the technological developments linked to financial compliance, commonly known as RegTech, including prevention of money laundering and terrorist financing.
Initiatives in focus
- PORTUGAL FINLAB’s 2nd edition launched at the Web Summit
- Portugal FinLab's official launch statement (in Portuguese only)
- Portugal FinLab: Regulators and Portugal Fintech Association create platform to support technological innovation in the financial sector (in Portuguese only)
- Banco de Portugal and CMVM create a guide to assist the registration of foreign management companies
What is 'fintech'?
Under the Financial Stability Board’s definition, ‘fintech’ refers to technologically enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services.
'Fintech' may refer to entities that operate in the financial sector and that have business models based on innovative technologies. It may also refer to the technologies themselves, applied to financial services and used by those entities or traditional financial system participants as banks and payment institutions.
'Fintech' is a portmanteau word formed from the phrase 'financial technology', which relates to the application of technology to financial services provision.
Public speeches and other links
Opening Remarks by Director Hélder Rosalino at the Banco de Portugal's 1st Fintech Meeting, 5 Jul 2018 (in Portuguese only)
Presentation by Governor Carlos da Silva Costa at the CV Meeting of Central Bank Governors of CEMLA: "New Technologies: Opportunities and Challenges for Financial Intermediation", 5 Jun 2018
Concluding Remarks by Director Hélder Rosalino at the 1st Payment Systems Forum Conference - A new era in payments?, 14 Mai 2018 (in Portuguese only)
Opening Remarks by Governor Carlos da Silva Costa at the 1st Payment Systems Forum Conference - A new era in payments?, 14 Mai 2018 (in Portuguese only)
Presentation by Director Hélder Rosalino at the Fórum da Associação Portuguesa de Leasing, Factoring e Renting: "A Inovação Tecnológica e o Setor Financeiro: Desafios e Oportunidades", 8 Mai 2018 (in Portuguese only)
Opening Remarks by Director Hélder Rosalino at the Reunião interbancária sobre Sistemas de Pagamentos, 7 Mai 2018 (in Portuguese only)
Presentation by Director Hélder Rosalino at the Encontro da Ordem dos Revisores Oficiais de Contas: "A transformação regulatória em curso (DSP2), as moedas virtuais e o distributed ledger technology", 14 Mar 2018 (in Portuguese only)
Speech by Governor Carlos da Silva Costa at the Conference "Banking Summit | Leading into a new era", 6 Feb 2018 (in Portuguese only)
Concluding Remarks by Director Hélder Rosalino at the "Money Conference", 14 Dec 2017 (in Portuguese only)
Opening address by Vice Governor Elisa Ferreira at the Fórum Banca: "Sistema bancário em Portugal: evolução e desafios", 29 Nov 2017 (in Portuguese only)
Director Hélder Rosalino: Interview with ECO: "BdP tem uma atitude de abertura em relação às Fintech", 5 Nov 2017 (in Portuguese only)
EBA/EIOPA/ESMA - Innovative solutions in CDD
SSM - What are fintech banks and what impact will they have on financial services?
EBA - Risks and opportunities from Fintech and its impact on incumbents business models
European legislation and rules
SSM - ECB publishes guides to assessments of licence applications for banks and fintech credit institutions
SSM - Guide to assessments of licence applications