The Superintendence of Industry and Commerce (SIC) has released a set of guidelines regarding data processing for Fintech companies operating in Colombia. These instructions are outlined in a recent circular.

the circular specifically targets companies like Nequi,Daviplata,Rappipay,Cloud and other companies that combine finances and technology to offer their services. The aim is to prevent the misuse of personal data collected by these digital platforms.

To protect users, the SIC has mandated that Fintech companies must clearly inform users about the purpose of each request for personal data, specifying which data will be collected and its intended use. Users retain the right to decide whether to grant access to information such as location or camera functions.

Furthermore, the SIC requires these companies to provide users wiht understandable explanations of any automated decisions that negatively impact them.

The circular also addresses data collection practices, stating that Fintech companies must refrain from contacting personal references provided by users or individuals in their contact lists without explicit authorization from the user.The SIC is actively monitoring these practices.

For Fintech companies in Colombia facilitating international transfers, the SIC stipulates that the recipient must be located in a country with an adequate level of personal data protection.

another key guideline from the SIC is the requirement for companies to establish simple and efficient mechanisms for users to access, correct, update, and delete their personal data.

digital wallets are instructed to limit their data requests to what is strictly necessary and legally required. Accessing information like image galleries or contact lists for debt collection purposes is prohibited.

The companies in this sector must inform their users the purpose of each access to personal information and which data will be collected.

Fintech Growth in Colombia

According to the finnovist Fintech Radar Colombia 2025, 678 startups operate in colombia, of which 410 are Colombian and 268 come from abroad.This represents a 4.1% growth in local Fintech companies compared to 2024.

Mexico leads in the number of startups with a presence in Colombia (62 companies), followed by Chile (57) and the United States (43).