Iuris Dictio

Dossier I

No. 36 (2025)

Artificial Intelligence in the Ecuadorian Financial System: A Regulation Still Pending

DOI:
https://doi.org/10.18272/iu.i36.3940
Submitted
June 26, 2025
Published
2025-11-27

Abstract

The incorporation of artificial intelligence (AI) into Ecuador’s financial system poses significant regulatory challenges. Although the national banking sector is heavily regulated in terms of security and consumer protection, there are no specific provisions regarding the use of AI. This article, through a normative-comparative approach, analyzes regulatory experiences from the European Union, the United States, the United Kingdom, and Hong Kong, together with guidelines from the International Monetary Fund (IMF) and the Bank for International Settlements (BIS). The central question is how to adapt these international standards to the Ecuadorian legal-financial context. It concludes that the existing regulatory framework provides a solid foundation but must be complemented with specialized directives to ensure transparency, accountability, and security in the use of financial algorithms.

References

  1. Rojas, F. (2019). Cuestiones de indeterminación, interpretación y motivación en el derecho. Quito: Corporación de Estudios y Publicaciones.
  2. Directiva (UE) 2024/2853. (2024). Parlamento Europeo y del Consejo, de 23 de octubre de 2024, sobre responsabilidad por los daños causados por productos defectuosos y por la que se deroga la Directiva 85/374/CEE del Consejo. Departamento Unión Europea, Referencia: DOUE-L-2024-81701. Diario Oficial de la Unión Europea. https://www.boe.es/buscar/doc.php?id=DOUE-L-2024-81701
  3. Garcia, A. C. B., Garcia, M. G. P., et al. (2024). Algorithmic discrimination in the credit domain: what do we know about it? AI & Society 39, 2059-2098. https://doi.org/10.1007/s00146-023-01676-3
  4. Montagnani, M. L., Najjar, M.-C., et al. (2024). The EU regulatory approach(es) to AI liability, and its application to the financial services market. Computer Law & Security Review, 53, 105984. https://www.sciencedirect.com/science/article/pii/S0267364924000517?ssrnid=4439219&dgcid=SSRN_redirect_SD
  5. Pamuk, M., Schumann, M., et al. (2024). What do the regulators mean? A taxonomy of regulatory principles for the use of AI in financial services. Machine Learning and Knowledge Extraction, 6(1), 143-155. https://www.researchgate.net/publication/377336294_What_Do_the_Regulators_Mean_A_Taxonomy_of_Regulatory_Principles_for_the_Use_of_AI_in_Financial_Services
  6. Pattnaik, D., Ray, P. K., et al. (2024). Applications of artificial intelligence and machine learning in the financial services industry: A bibliometric review. Heliyon, 10(1), e12871. https://www.sciencedirect.com/science/article/pii/S2405844023107006
  7. Perez-Cruz, F., & Song Shin, H. (2024). Putting AI agents through their paces on general tasks. BIS Quarterly Review, Monetary and Economic Department, n.o 1245, febrero. https://www.bis.org/publ/work1245.htm
  8. BCG & Center for AI Policy. (2025). AI Agents, and Model Context Protocol. https://jasoninzer.com/docs/BCG_AI_Agent_Report.pdf
  9. Financial Services and the Treasury Bureau. (2024). Policy statement on the development of responsible artificial intelligence in the financial services industry. Government of the Hong Kong Special Administrative Region. https://gia.info.gov.hk/general/202410/28/P2024102800154_475819_1_1730083937115.pdf
  10. FMI. (2024). Advances in Artificial Intelligence: Implications for Capital Markets. Capítulo 3, IMF Discussion Note, octubre. https://www.imf.org/-/media/Files/Publications/GFSR/2024/October/English/ch3.ashx
  11. OECD. (2025). OECD.AI Policy Navigator [Tablero de políticas e iniciativas nacionales de IA]. Recuperado el 21 de octubre de 2025, de https://oecd.ai/en/dashboards/national
  12. OECD (2023), Emerging privacy-enhancing technologies: Current regulatory and policy approaches, OECD Digital Economy Papers, n.o 351, OECD Publishing, París, https://doi.org/10.1787/bf121be4-en
  13. OECD. (2023). OECD Framework for the Classification of AI Systems. OECD Digital Economy Papers, n.o 323, Publishing, París. https://www.oecd.org/en/publications/oecd-framework-for-the-classification-of-ai-systems_cb6d9eca-en.html
  14. UNCITRAL. (2023). UNCITRAL Model Law on Automated Contracting with Guide to Enactment. Viena: United Nations Commission on International Trade Law. https://uncitral.un.org/sites/uncitral.un.org/files/2424674e-mlautomatedcontracting-ebook.pdf
  15. Unesco. (2022). Recomendación sobre la ética de la inteligencia artificial. Adoptada el 23 de noviembre de 2021, París. https://www.unesco.org/es/articles/recomendacion-sobre-la-etica-de-la-inteligencia-artificial
  16. World Economic Forum. (2024). Navigating the AI frontier: A primer on the evolution and impact of AI agents. En colaboración con Capgemini. White Paper. https://www.weforum.org/publications/navigating-the-ai-frontier-a-primer-on-the-evolution-and-impact-of-ai-agents/
  17. Chartered Institute of Arbitrators. (2025). Guideline on the use of AI in arbitration. CIArb. https://www.acerislaw.com/wp-content/uploads/2025/10/ciarb-guideline-on-the-use-of-ai-in-arbitration-2025-_final_march-2025.pdf
  18. Consejo de Europa (2024). The Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law. https://www.coe.int/en/web/artificial-intelligence/the-framework-convention-on-artificial-intelligence
  19. Department for Science, Innovation and Technology. (2023). AI regulation: A pro-innovation approach (White Paper). Government of the United Kingdom. https://www.gov.uk/government/publications/ai-regulation-a-pro-innovation-approach/white-paper
  20. FMI. (2024). Global financial stability report: Steadying the course.
  21. Uncertainty, artificial intelligence, and financial stability. Washington, DC: International Monetary Fund. https://www.imf.org/en/Publications/GFSR/Issues/2024/10/22/global-financial-stability-report-october-2024
  22. McKinsey & Company. (2025, julio 8). Banking on gen AI in the credit business: The route to value creation. https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/banking-on-gen-ai-in-the-credit-business-the-route-to-value-creation
  23. Neontri. (2025). Future of mobile banking: The top trends. https://neontri.com/resources/mobile-banking-trends/
  24. Office of Science and Technology Policy. (2022). Blueprint for an AI Bill of Rights. The White House. https://bidenwhitehouse.archives.gov/ostp/ai-bill-of-rights/
  25. Weber, M., Yurochkin, M., Botros, S. & Markov, V. (2020). Black loans matter: fighting bias for AI fairness in lending. Research. MIT-IBM Watson AI Lab. https://mitibmwatsonailab.mit.edu/research/blog/black-loans-matter-fighting-bias-for-ai-fairness-in-lending/
  26. Código de Comercio. (2005). R. O. Suplemento 351, 20 de octubre.
  27. Código Orgánico Monetario y Financiero. (2014). R. O. Suplemento 332, 12 de septiembre.
  28. Constitución de la República del Ecuador. (2008). R. O. 449, 20 de octubre.
  29. Executive Office of the President of the United States. (2025). Winning the Race: America’s AI Action Plan. White House julio. https://www.whitehouse.gov/wp-content/uploads/2025/07/Americas-AI-Action-Plan.pdf
  30. Ley Orgánica de Protección de Datos Personales. (2021). R. O. Suplemento 459, 26 de mayo.
  31. Ley Orgánica para el Desarrollo, Regulación y Control de los Servicios Financieros Tecnológicos. (2023). Segundo Suplemento del R. O. n.o 215. Gobierno Autónomo Descentralizado del Ecuador.
  32. Office of Management and Budget. (2025). M-25-21 – Accelerating Federal Use of AI through Innovation, Governance, and Public Trust. The White House, febrero 25. https://www.whitehouse.gov/wp-content/uploads/2025/02/M-25-21-Accelerating-Federal-Use-of-AI-through-Innovation-Governance-and-Public-Trust.pdf
  33. Parlamento del Reino Unido. (2020). Bridges v. South Wales Police. Sentencia del Tribunal Superior. Royal Courts of Justice, Strand, London, WC2A 2LL, 11 de agosto. https://www.judiciary.uk/wp-content/uploads/2020/08/R-Bridges-v-CC-South-Wales-ors-Judgment.pdf
  34. Reglamento (UE) 2024/1689. (2024). Unión Europea. Parlamento Europeo y del Consejo, de 13 de junio de 2024, por el que se establecen normas armonizadas en materia de inteligencia artificial y por el que se modifican los Reglamentos (CE) n.o 300/2008, (UE) n.o 167/2013, (UE) n.o 168/2013, (UE) 2018/858, (UE) 2018/1139 y (UE) 2019/2144 y las Directivas 2014/90/UE, (UE) 2016/797 y (UE) 2020/1828 (Reglamento de Inteligencia Artificial). Diario Oficial de la Unión Europea, Serie L 1689. https://eur-lex.europa.eu/legal-content/ES/TXT/PDF/?uri=OJ:L_202401689
  35. Resolución SB-2023-01901. (2023). Superintendencia de Bancos, 12 de septiembre. https://asobanca.org.ec/wp-content/uploads/2023/10/Resolucion-SB-2023-1901-1.pdf
  36. Resolución SCE-DS-2025-12. (2025). Superintendencia de Competencia Económica, 6 de marzo. https://www.sce.gob.ec/sitio/wp-content/uploads/2025/03/Resolucion-SCE-DS-2025-12.pdf
  37. United States Congress. (2024). Financial Innovation and Technology for the 21st Century Act. House of Representatives, 118th Congress (2023-2024), Washington D.C. https://www.congress.gov/bill/118th-congress/house-bill/4763/text

Downloads

Download data is not yet available.