Chile works on legal regulations to control the Fintech sector

The Ministry of Finance of the South American country will receive the advice of Rosario Celedón and Ana María Montoya, specialists in competition and financial regulation

The Chilean authorities continue to develop a regulatory framework for Fintech and Open Banking, which will have the advice of Rosario Celedón and Ana María Montoya, specialists in competition and financial regulation, as reported by the newspaper El Economista América.

The support offered by the specialists will be given from the Ministry of Finance as part of a “natural step after financial portability“, as reported by Ignacio Briones, representative of the public body.

Briones also added that the intention is to “inject more competition into the financial sector, promote the delivery of innovative financial services focused on the needs of clients, who will be able to have greater control of their financial information, and in this way manage in better shape your finances, at lower costs and with better services.”

Celedon and Montoya will work on the formulation of measures, “in consideration of the comparative experience of countries that have already promoted this type of initiative, such as the European Community, the United Kingdom, Australia and Brazil and Mexico in Latin America, with a view to creating a regulation that continues to increase competition and innovation in financial markets.”

Both specialists in competition and financial regulation assure that the demand for certain financial technology solutions has shown a great increase, especially in current times where the contributions that startups offer are decisive in the development of the global economy.

K. Villarroel

Source: cointelegraph

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