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FinTech


New technologies and business models

FinTech business models and its technologies are varied and may be subject to legislation. Said legislation may fall under the CMVM's supervision.


Robo-Advice 

Robo-advice is an automated financial advice service wherein human intervention is totally or partially substituted by automated systems. Said type of service which is provided by financial intermediaries​, combines ​​​​algorithms and large amounts of data when providing investment advice.

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Distributed Ledger Technology / Blockchain Technology  

Distributed ledgers - sometimes known as ‘Blockchains’ - are essentially records, or ledgers, of electronic transactions, quite similar to accounting ledgers. Their uniqueness lies in the fact that they are maintained by a shared or ‘distributed’ network of participants (so-called ‘nodes’) and not by a centralized entity, meaning that there is no central validation system. Another important feature of distributed ledgers is the extensive use of cryptography, i.e. computer-based encryption techniques such as public/private keys and hash functions, to store assets and validate transactions. 

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Initial Coin Offering

An ICO is ​a method of raising investment from the public via the internet using virtual currency, crypto currency or tokens. In this transaction, a issuer - and individual or company - issues currency or tokens and places said on sale in exchange for traditional currency (the Euro or USA dollar) or further yet and what is most common, the use of other virtual currency, i.e. Bitcoin or Ether. The characteristics and the purpose of currency and tokens vary according to the ICOs.  Usually, the technology used for transacting crypto currency is the blockchain/distributed ledger technology.

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Big data 

Big data refers to large-scale data that is generated and stored.  Said data is varied and ​​is obtained from various sources and processed ​​at high-speed and in real time or near real time. It allows for the possibility of aggregating and interpreting non-structured information to define strategies, identify risk and tendencies, opportunities, problem-solving or in developing new products and services. 

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Crowdfunding

Crowdfunding is a form ​​of raising funds by entities or individuals for financing specific activities and/or projects via registration on electronic platforms from one or several individual investors. 

​The CMVM supervises two forms of crowdfunding:​​  

  • Equity crowdfunding - that the financed entity pays the obtained financing through a participation in the relevant share capital, distribution of dividends or sharing of profits 
  • Loan crowdfunding - that the financed entity pays the obtained financing through interest set at at the time of the capital raising. 

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RegTech

RegTech (regulatory technology) consists in applying new technology for the purposes of regulation compliance. It seeks to respond to the needs generated by regulatory and compliance requirements in a more efficient and effective way.

 
Areas with RegTech intervention:
  • Regulation monitoring;
  • Controling the fulfilment of compliance rules;
  • ​Report automation;
  • Monitoring of activities.