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FinTechs belonging to this category provide identification services, which are required for most banking services.
Introduction
Attitude of the country towards identification services
The Bank of Portugal actively promoted digital onboarding in 2017, issuing the Instruction 9/2017 aimed to allow video conferences for the purposes of identification. The first virtual onboarding process taking place in Portugal resulted from a cooperation agreement between Banco de Investimento Global and the FinTech LOQR.
The FinTechs LOQR and hAPI partnered with other incumbents to provide identification and onboarding servers.
Legal affairs
Obligations and requirements to provide identification services
The identification services are mainly subject to the KYC requirements provided for in the AML legislation (see below) and the regime applicable to electronic contracts and digital signature (see below).
Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area
N/A.
Economic conditions
Market size for identification services and biggest companies in this business area
No public data available.
Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area
N/A.