The new Fintech Law in Chile is expected to come into force on February 3 to achieve strict regulation of the capital market.
According to local media, as the date of application of the Fintech Law in Chile approaches, expectations are increasing in companies linked to the digital payment sector.
In any case, it has been hinted that flexible regulations will be established for companies “that offer financial services that today are not regulated or supervised by the Commission for the Financial Market (CMF)”, such as “collective financing platforms, systems of transaction alternatives, investment advice, credit advice, custody of financial instruments, routing of orders, and intermediation of financial instruments”.
Among the novelties that the Fintech Law will introduce are the adoption of new technologies; modification in the regulations of the banking, securities and insurance sector; the creation of the Open Finance System; innovation in competition and security.
It is important to highlight that in the development of this law, Chile has had the support of international organizations such as the Inter-American Development Bank, the International Monetary Fund and the World Bank.
(Reference image source: dpa / Revolut, Europa Press)