Application of Banking Law, Internet Civil Framework and Fintechs

The age of smartphones has already surpassed reality; it is the future that is present and that will be boosted with the arrival of 5G.

In this context, in addition to digital banks, today we have so-called fintechs, which already reaches an incalculable range of consumers, especially the young public.

Fintechs can operate in various areas of the financial sector, having as main product credit, in addition to other services, such as payments, account opening, cryptocurrency distribution, etc., all in the online mode.

Still lacking specific legislation, it was regulated by Bacen Resolution No. 4,656/2018. And because it is a new theme, there is no case law on the relationships involving fintechs.

In any case, it is inevitable that controversies and doubts are inevitable, either from a business perspective for those who constitute it, or from the perspective of the consumer who enjoys the products and services.

It seems to us that these relations will be regulated mainly by the Consumer Protection Code, Civil Code and Civil Framework of the Internet.

An issue that opens up is the application or not of the already consolidated provisions on ordinary banking relations, such as interest rates, monthly interest capitalization, etc., even because there are already typical transactions, such as the Bank Credit Card, whose name naturally already removes its use in fintechs.

Last but not least, are the provisions on digital relations. This is because, unlike traditional banks and factorings, fintechs offer their products using so-called "bubbles" of the internet, encryption, artificial intelligence, among other digital mechanisms.
Hence issues such as liability in the granting of overremeasured credit, behold, previously informed by the "bubble", fintechs already knows the vulnerabilities of the consumer to which it offers the credit.

It is the banking right or, more appropriate to reality, the right of credit relations, which requires knowledge of the legislation to face present and future relationships.