Andorra

According to Kepios, Andorra’s internet penetration rate stood at 91.6 percent of the total population at the start of 2022.

According to Chambers, it is probable that a Fintech regulatory framework will be set up in the near future.

The Andorran government is in the process of passing a law on digital economy, entrepreneurship and innovation aimed at promoting new business models focused on the digital world and making the competitive advantages of the Andorran economy more attractive (the “Digital Economy Law”). It is also in the process of passing a law on digital representation through cryptographic means, distributed ledger technology and blockchain (the “DLT – Blockchain Draft Law”).

According to the European Banking Federation, the financial sector is a cornerstone of Andorran’s economy due to its significant contribution to the country’s GDP contributing approximately 20%, while employing 5% of the workforce, with its banking system at the core.

The Andorran Fintech environment is still at the early development level, although there has been remarkable growth in Fintech initiatives and the establishment of newcomer companies/start-ups competing directly with the potent local financial industry, dominated by the banking sector with a few key players (operating banking groups).

Andorra Business is a programme promoted by the Andorran government under the legal form of a public agency, which includes several ministries, government agencies, associations and/or organisations from the private sector. Andorra Business provides support to foreign investment and Andorran companies in their innovation processes.