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A new open finance system? What is known about the new Fintech Law in Chile


The proposal, approved by the Chamber of Deputies on 12 of October, is awaiting its official publication in order to enter into force.

The Chilean Congress approved the bulletin 14570-, better known as the Fintech Law, in order to “promote competition and financial inclusion” in the country.

The regulation, which had the green light with 136 votes in favor and 0 against, incorporates the Financial Market Commission into digital financial services and introduces a regulatory framework around it.

The provision, approved on October 8, it was sent to the Executive branch for its official publication, after which it will come into force.


The bill was submitted to the Chamber of Deputies on September 3, 2021 for the Ministry of Economy, Development and Tourism, and for the Treasury portfolio.

According to the initiative, the provision arises after the accelerated adoption of new financial technologies during the coronavirus pandemic.

Figures from the specialized association Finnovista reveal that, from July 2019 to March 2021, the number of Fintech companies in Chile increased by 60% , when going from registering 59 enterprises to 179.

The goal of the project is to incorporate new actors into the financial system, to increase competition in the market and help reduce the prices of these services, as well as promote innovation and encourage inclusion in the country.


The new regulation legalizes various types of services such as collective financing (crowdfunding), virtual banking (neobanks), investment and credit advice or alternative transaction systems.

Likewise, extraordinarily authorizes alternate operators to buy and sell assets

and the channeling of orders to virtual systems, an activity until now exclusive to traditional banking.

The legislation also allows non-bank issuers to open accounts and make fund transfers, without the need to issue cards, breaking with current uses and customs.

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One of The most innovative points of the project is the introduction to the financial system of cryptoactives, understood as the “digital representation of exchange units of money, goods or services”, as well as the platforms where they are exchanged and stored.

In addition to regulating virtual financial services, provision creates an open finance system, in which financial institutions will be obliged to share customer information with the authorities, with the prior consent of the customer, in an “expedited, standardized and secure” manner. In the end, “consumers are the owners of their financial information,” argues Congress.

According to the Law, in order to provide financial services, operators must register with the Financial Market Commission (CMF), an entity that will supervise them and that may cancel the registration of companies and sanction them, if they fail to comply with the provisions established in law 3.538.

Nearby reforms

The new provision modifies laws already in force in Chile in order to incorporate the Fintech and its ordering to the legal system, as diverse articles of the norm 18.046 on the Stock Market, the law 19.220 for the Financial Market and regulation 18.046 of Public Limited Companies.

In addition, changes are introduced to the article 430 of the Commercial Code on joint-stock companies, and modifies article 1 of the Law 20.712 on the management of third-party funds and individual portfolios.

To prevent money laundering and laundering, the law reforms the regulation 18.980, the new subjects, products and virtual financial services.

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