PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
2.2 Regulatory Regime Fintech business models in Peru do not have specific regulations, unlike in countries like Mex - ico or Chile with dedicated fintech laws. Instead, different regulations may apply depending on the business model. In general, fintech companies are not subject to regulation unless they conduct activities that need prior authorisation, such as financial inter - mediation, which requires authorisation from the Peruvian banking regulator ( Superintendencia de Banca, Seguros y AFP – SBS), or securities inter - mediation, which requires authorisation from the Peruvian securities market regulator ( Superin- tendencia del Mercado de Valores – SMV). Financial intermediation, as defined by the Banking Law, involves collecting funds in any form and placing them through transactions permitted by law. Securities intermediation, as per the Securities Market Law ( Ley del Mercado de Valores ), involves regularly performing opera - tions such as purchasing, selling, placing, dis - tributing, or negotiating securities on behalf of others. It also includes acquiring securities for one’s account with the intention of later placing them with the public and receiving a price dif - ferential. Some fintech business models require registra - tion with the Peruvian financial intelligence unit ( Unidad de Inteligencia Financiera – Perú – UIF- Perú) to comply with anti-money laundering and counter-terrorism financing regulations, such as exchange houses or online lending platforms. Additionally, digital wallets using quick-reference (QR) codes must register with the Peruvian cen - tral bank ( Banco Central de Reserva del Perú – BCRP).
that reduce dependency on traditional financial entities. Payments and remittances continue to drive fintech growth, with digital payment platforms processing millions of transactions daily. Regu - latory advancements in interoperability have played a crucial role in enhancing the efficiency and accessibility of these services. Fintech as a Service (FaaS) has emerged as an essential component of financial innovation, providing technological infrastructure for digital banking, embedded finance, and automation of financial services. This segment enables both fintech start-ups and traditional institutions to offer financial products more seamlessly. Other fintech verticals, such as crowdfunding, insurtech, trading and capital markets, digital banking, credit scoring and fraud prevention, and wealth management, are present but have demonstrated more moderate growth. Crowd - funding, in particular, faces regulatory con - straints that have limited its adoption despite its potential to support alternative financing mod - els. Insurtech remains one of the least developed fintech verticals in Peru, despite the country’s low insurance penetration. This represents an opportunity for both new and traditional players to leverage technology to expand microinsur - ance solutions, making financial protection more accessible to underserved populations. Overall, while some fintech verticals dominate the market, others still have untapped poten - tial. The ongoing evolution of regulatory policies, technological advancements, and increased consumer adoption will continue to shape the future trajectory of Peru’s fintech ecosystem.
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