{ "jurisdiction_id": "EC", "jurisdiction": "Ecuador", "url": "https://payments.gi/jurisdictions/ecuador/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 75, "source_register": 134 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/ecuador/#w1a-licensing-authorisation-market-access", "standing_position": "Ecuador regulates payment/fintech activity through the 2022 Fintech Law and the Organic Monetary and Financial Code, with BCE, Superintendency of Banks, SCVS and SEPS sharing supervisory authority under the JPRM.", "findings": [ { "finding": null, "instrument_type": "primary statute", "source": "https://www.telecomunicaciones.gob.ec/wp-content/uploads/2023/01/RO_221222_0215S2.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { 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"https://www.superbancos.gob.ec/bancos/wp-content/uploads/downloads/2017/06/L1_I_cap_V.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "administrative resolution", "source": "https://www.bce.fin.ec/storage/BCE/sistemas_auxiliares/BCE-GG-008-2025.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "administrative resolution", "source": "https://www.bce.fin.ec/storage/BCE/sistemas_auxiliares/BCE-GG-008-2025.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory resolution", "source": "https://www.gob.ec/sites/default/files/regulations/2024-11/JPRM-2024-018-M_lexis.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory reform in progress", "source": 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"retrieved_at": null }, { "finding": null, "instrument_type": "academic analysis", "source": "https://www.redalyc.org/journal/118/11877363006/html/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory summary (historical)", "source": "https://www.fundacionmicrofinanzasbbva.org/revistaprogreso/reforma-gestion-del-dinero-electronico/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "absent-field", "source": "not_applicable/searched", "source_url": null, "source_tier": "4", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ecuador/#w6-industry-structure-commercial-dynamics", "standing_position": "Ecuador's banking sector is concentrated among five large private banks controlling roughly three-quarters of private-bank assets, alongside a fragmented cooperative sector under stress and a small but growing fintech ecosystem anchored by Kushki.", "findings": [ { "finding": null, "instrument_type": "market data", "source": "https://rankingslatam.com/blogs/industry-news/ecuador-s-private-banking-sector-shows-strong-growth-and-stable-leadership-march-2025-rankingsalysis", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "market data", "source": "https://ratingspcr.com.mx/ww2/sector-bancos-bancos-ecuador/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "market data", "source": "https://tracxn.com/d/explore/fintech-startups-in-ecuador/__7PwJ-m65RwujGFYmL7TNrZsyko6sFNfMmfjHt6eDz-o", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market/industry news", "source": 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"instrument_type": "regulatory resolution", "source": "https://www.seps.gob.ec/wp-content/uploads/SEPS-IGT-IGS-IGJ-INSESF-INGINT-0690-.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement action", "source": "https://boletincontable.com/2026/04/21/seguro-depositos-cosede-cooperativas-ecuador-2026/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "investigative report / prosecutorial gap", "source": "https://www.connectas.org/criptomonedas-sin-control-fuga-millonaria-iglesia-ecuador/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory resolution (historical, still in force framework)", "source": "https://www.cosede.gob.ec/wp-content/uploads/2013/09/resolucionjb20111906regimensancionatorio.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ecuador/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring in Ecuador runs through bank card-operator licensees and a growing non-bank acquiring layer led by Kushki and PayPhone.", "findings": [ { "finding": null, "instrument_type": "market data", "source": "https://tracxn.com/d/geographies/ecuador/__M9D5IN0Pzu1hO_4mTHLe1dIZR6BmYY_i2ryIuSW2hlQ", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market data", "source": "https://tracxn.com/d/explore/fintech-startups-in-ecuador/__7PwJ-m65RwujGFYmL7TNrZsyko6sFNfMmfjHt6eDz-o/companies", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial partnership", "source": "https://www.nuvei.com/apm/payphone", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory resolution", "source": "https://www.gob.ec/sites/default/files/regulations/2024-11/JPRM-2024-018-M_lexis.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory resolution", "source": "https://www.gob.ec/sites/default/files/regulations/2024-11/JPRM-2024-018-M_lexis.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ecuador/#w9-product-innovation-market-development", "standing_position": "Product innovation centres on the Central Bank's phased rollout of real-time payment interoperability, the Ley Fintech's regulatory-sandbox mandate, and new SB-regulated fintech categories.", "findings": [ { "finding": null, "instrument_type": "administrative resolution", "source": "https://www.bce.fin.ec/storage/BCE/sistemas_auxiliares/BCE-GG-008-2025.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory summary", "source": "https://www.eluniverso.com/noticias/economia/ley-fintech-reglamento-servicios-financieros-tecnologicos-ecuador-articulos-nota/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "historical product launch", "source": "https://www.paconsulting.com/insights/the-worlds-first-central-bank-operated-mobile-payments-platform-ecuadors-revolutionary-scheme", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory resolution", "source": "https://asobanca.org.ec/wp-content/uploads/2025/10/resolucion-SB-2025-2324.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "primary statute", "source": "https://www.telecomunicaciones.gob.ec/wp-content/uploads/2023/01/RO_221222_0215S2.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ecuador/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection is anchored by COSEDE's tiered deposit-insurance mechanism, newly reformed in April 2026 to prioritise purchase-and-assumption transfers, alongside the Defensor del Cliente route; no APP-fraud reimbursement mandate identified.", "findings": [ { "finding": null, "instrument_type": "primary regulator programme", "source": "https://www.cosede.gob.ec/seguro-de-depositos/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory summary", "source": "https://www.lexis.com.ec/noticias/alcance-y-normativa-vigente-del-seguro-de-depositos-gestionado-por-la-cosede", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory reform", "source": "https://www.primicias.ec/economia/que-seguro-cosede-bancos-cooperativas-liquidacion-quiebra-requisitos-121025/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "codified consumer rights", "source": "https://www.citi.com/icg/sa/latam/ecuador/institutional-info/rights-and-obligations.html", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "absent-field", "source": "not_applicable/searched", "source_url": null, "source_tier": "4", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ecuador/#w11-aml-cft-financial-crime", "standing_position": "Sentinel.gi payments-context position: Ecuador's new AML/CFT Law (in force July 2025) aligns with FATF standards, but IMF's 2026 Article IV assessment finds effectiveness still limited.", "findings": [ { "finding": null, "instrument_type": "AML supervisory guidance", "source": "sentinel.https://metlabs.io/regulacion-blockchain/ecuador/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "Dollarized economy; AML/CFT overseen by the Unidad de Análisis Financiero y Económico (UAFE, FIU), Superintendencia de Bancos, and Superintendencia de Compañías, Valores y Seguros (SCVS). 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"source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: political-constraint", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ecuador/#w12-correspondent-banking-settlement-access", "standing_position": "As a fully dollarized economy, Ecuador's financial system is structurally dependent on correspondent-bank access to the US dollar payments system, with the Central Bank operating the domestic Interbank Payments System and a Fondo de Liquidez backstop.", "findings": [ { "finding": null, "instrument_type": "academic analysis", "source": "https://www.redalyc.org/journal/118/11877363006/html/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "institutional disclosure", "source": "https://www.bancoguayaquil.com/para-empresas/comercio-exterior/corresponsal/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "primary statute (codified)", "source": "https://www.oas.org/juridico/pdfs/mesicic4_ecu_gral.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory codification", "source": "https://www.bce.fin.ec/storage/JPRFM/codificaciones/LIBROI-Codificacion-JPRFM.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "primary regulator programme", "source": "https://www.cosede.gob.ec/seguro-de-depositos/", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ecuador/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity is dominated by regulatory-institutional restructuring events (JPRFM merger, AML/CFT law entry into force, COSEDE reform) against a still-small VC funding base led by Kushki.", "findings": [ { "finding": null, "instrument_type": "commercial_event: institutional restructuring", "source": "https://www.bce.fin.ec/storage/JPRFM/codificaciones/LIBROI-Codificacion-JPRFM.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: regulatory entry-into-force", "source": "https://www.elibrary.imf.org/view/journals/002/2025/289/article-A001-en.xml", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: regulatory reform / distress event", "source": "https://www.primicias.ec/economia/que-seguro-cosede-bancos-cooperativas-liquidacion-quiebra-requisitos-121025/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: enforcement/compliance-arrears event", "source": "https://boletincontable.com/2026/04/21/seguro-depositos-cosede-cooperativas-ecuador-2026/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: cumulative VC funding standing figure", "source": "https://tracxn.com/d/explore/fintech-startups-in-ecuador/__7PwJ-m65RwujGFYmL7TNrZsyko6sFNfMmfjHt6eDz-o", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: adjacent global M&A (tangential relevance)", "source": "https://www.nuvei.com/apm/payphone", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }