A RegTech Approach to Fintech Sustainability: The Case of Spain

Framework:
It is well known that the financial technology (Fintech) industry has great potential not only to transform the financial system, but also to build an equitable and sustainable society. In effect, if this technology is applied in the right way, it could be used to overcome the social and economic gaps that exist worldwide.

Justification:
However, until now, the specific legal regimes (RegTech) that have been established for Fintech have, in addition to the general lack of confidence in new technologies, made its implementation more difficult. Nevertheless, in order to consolidate Fintech, it is necessary to design suitable regulation to transform these new technologies into ordinary instruments of our financial system.

Objective:
Therefore, in order to promote an appropriate RegTech that allows for the progress of Fintech, it is necessary to analyse the legal problems that restrict their expansion by using an analytical methodology and a bibliographic compilation of legal resolutions.

Main conclusion:
Legal personal data protection is the main obstacle that must be overcome by paying attention to the guarantees inherent to this fundamental right. In this way, if the legal system is to be ready for the Digital Revolution, society must not be worried about either the loss of rights or increases in inequalities.