WILLEMSTAD – The Fair Trade Authority Curaçao (FTAC) is investigating whether local banks are restricting competition in the growing market for digital payment services after two Curaçao fintech entrepreneurs complained that they are not receiving the same access to banking systems as a competing provider.
The investigation is disclosed in the FTAC’s 2025 annual report and will continue in 2026. The competition authority must determine whether one bank holds a dominant market position or whether several banks could potentially have a collective dominant position.
Fintech companies offering certain digital payment services need technical connections to local banks’ servers and accounts. According to the two entrepreneurs who approached the FTAC, their ability to develop payment applications therefore depends heavily on cooperation from the banks.
The FTAC annual report states that currently only one company has the necessary account access. That provider has a partnership with Curaçao’s largest bank and agreements with other banks. The annual report does not identify the company or banks by name, although the company concerned is Sentoo.
According to the complaint submitted to the FTAC, other fintech providers are not being granted the same level of access.
The competition authority said this could make it impossible for other providers to develop competing Payment Initiation Apps, effectively eliminating competition in that particular market. Such applications allow consumers to initiate payments directly from their bank accounts through a third-party payment provider.
The case highlights a broader challenge facing Curaçao’s emerging fintech industry. Although digital payment companies can offer alternatives to traditional banking services, they remain dependent on banks for accounts, technical connections and access to payment infrastructure.
Because of the complexity of the issue, the FTAC sought advice in 2025 from a lawyer and professor specializing in Financial Technology and Law at Erasmus University Rotterdam. The expert’s work includes open banking and European regulation of payment services.
The investigation comes as Curaçao continues debating new legislation governing digital payment services. Earlier this year, the Curaçao Bankers Association urged the Curaçao Parliament to postpone the introduction of new regulations.
Banks have argued that opening their systems to third-party payment providers creates security risks and requires substantial investments. They have also warned against creating an uneven playing field in which new payment providers gain access to banking infrastructure without being subject to the same obligations imposed on traditional banks.
Fintech companies, however, argue that without adequate and equal access to banking systems, new providers cannot compete effectively with established payment platforms.
The FTAC investigation will therefore have to examine whether the differences in access are the result of legitimate technical, regulatory or security considerations, or whether they amount to restrictions on competition.
The outcome could have significant consequences for Curaçao’s digital payment market. Greater access could allow additional payment applications to enter the market, potentially giving consumers more choice and increasing competition. At the same time, regulators will have to determine what security, supervision and compliance requirements should apply to companies gaining access to bank accounts and payment infrastructure.