Chilean Fintech Law
Chile's Fintech Law Promotes Financial Inclusion through Technology
Chile continues to be at the forefront of promoting financial inclusion through technology. The country's Ministry of Finance has recently published the Fintec Law, which aims to encourage the provision of financial services through technological means, based on the principles of innovation, financial inclusion, and protection of the financial customer. This move will undoubtedly impact the use of digital financial services, and our Matwal Solutions team is here to help ensure compliance with the law.
Chile has taken a significant step towards promoting financial inclusion through technology by publishing the Fintec Law. This legislation aims to establish a general framework to encourage the provision of financial services through technological means, based on the principles of innovation, financial inclusion, promotion of competition, protection of the financial customer, proper data protection, preservation of financial integrity and stability, and prevention of money laundering and financing of terrorism.
The Fintec Law covers a wide range of financial services provided through technology, including crowdfunding platforms, alternative transaction systems, credit and investment advice, custody of financial instruments, and order routing and intermediation of financial instruments. The Financial Market Commission will be responsible for supervising the provision of financial services through technology and may request necessary information to ensure compliance with the law.
Experts from different areas explain that this new legislation generates a set of regulations that will impact the use of digital financial services, as the Fintec Law covers the wide set of regulations and the depth of financial firms that make greater use of digital resources.
One of the benefits of the Fintec Law is that it promotes the use of open finance, which can change the scenario for consumers. Regulated exchange of information for companies offering financial services will enable them to accurately know the behavior of customers, allowing users to receive offers tailored to their more personalized and attractive profile.
Francisco Cabezón, Director of Regulatory Risk at Deloitte Chile, said, "The Fintec Law is an opportunity for the financial industry to transform and evolve its business model, integrating new digital technologies that allow the provision of more accessible, efficient and transparent financial services, that are at the forefront of innovation and that promote competition and innovation in the market."
With the Fintec Law in place, it is expected that the number of companies offering financial services through technology will increase, making it easier for consumers to access these services. This move will undoubtedly impact the use of digital financial services, which is why our Matwal Solutions team is here to help ensure compliance with the law.
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