IMF Staff Country Reports

Spain: Financial Sector Assessment Program-Technical Note on Fintech Developments and Oversight

Publication Date:

August 1, 2024

Electronic Access:

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Summary:

The scope of this assessment covered fintech developments in Spain, including digitalization of the banking sector, and the supervisory oversight of fintech activity. This technical note covers the impact of fintech on regulated firms, mainly banks; the interaction between new market entrants and existing firms; the approach towards industry monitoring; and the institutional arrangements for regulation and supervision of fintech, including overall supervisory cooperation.1 The authorities under the scope of this analysis were the three sectoral financial supervisory authorities—Banco de España (BdE), Comisión Nacional del Mercado de Valores (CNMV), and Directorate-General for Insurance and Pension Funds (DGSFP). The engagement with the Sandbox Coordination Commission and General Secretariat of the Treasury and International Financing (SGTFI) was focused on their respective roles in operating the regulatory sandbox.

Series:

Country Report No. 2024/264

Subject:

Digital financial services Fintech Technology

Frequency:

regular