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FinTechs belonging to this category offer advisory and broking services for investments usually via an internet platform.
Robo advisory services usually offer an investment proposition following a series of questions concerning the personal financial background and the risk-bearing capacity of the user. Sometimes the respective platform also enables the user to directly execute the proposed investment.
Auto-trading concerns all services which automatically trade on behalf of the customer according to his or her specifications.
Apart from that some FinTechs collect and offer merely or as an ancillary service market information or operate comparison portals to increase the transparency of the capital markets and to help the investor with his decision-making.
There are also FinTech-advertising-services which advertise various financial services or products.
Introduction
Attitude of the country towards modern financial advisory and broking services
No reservations; there is an increasing interest in this type of services.
Legal affairs
Obligations and requirements to provide financial advisory and broking services, or ancillary services described above
The licenses that may apply to these activities are the same as the ones indicated in the answers to question b), that is, the licenses of Portfolio Manager and Broker Dealer. Please refer to our answer thereto.
Additional comments regarding the legal situation for financial advisory and broking services, or adjacent services or what FinTech’s must be aware of in this business area
Please refer to our comments under 1. b) Legal affairs iii).
Also please note that when offering securities (through internet platforms or otherwise) regulations regarding the public offering vis a vis the private offering of securities must be taken into consideration. If a public offering of securities is deemed to take place in Uruguay, then certain additional registration requirements regarding the issuer and the security would be triggered.
Economic conditions
Market size for financial advisory and broking services as well as adjacent services and biggest companies in this business area
There is only a marginal market.
Additional comments regarding the economic situation for financial advisory and broking services as well as adjacent services or what FinTech’s must be aware of in this business area
N/A