The Ministry of Finance announced that, in order to promote greater competition and innovation in the financial market, as well as financial inclusion, it will design a work plan for developing a regulatory framework that promotes the development of Fintech and Open Banking initiatives in Chile, and the incorporation of new actors in these industries.
For this, the Ministry will receive the advice of Rosario Celedón and our MIPP researcher, Ana María Montoya, both experts in competition and financial regulation, who will work in formulating measures based on countries with a similar experience that have already promoted this type of initiatives, such as the European Union, the United Kingdom, Australia, and Brazil and Mexico in Latin America, with the goal of creating regulations that continue to increase competition and innovation in the financial markets.
Through Open Banking, individuals and companies will provide secure financial information access to new providers of financial products and services, through opening and integrating platforms and information systems of financial institutions. This will allow them to access a wider and better supply of financial products and services.
More information can be found on the official website of the Ministry of Finance.
MIPP Chile 2024