Since January 2023, Chile’s Fintech Law regulates Open Finance in the country. Law 21.521 aims to promote competition, financial inclusion, and innovation.
It identifies and requires 4 regulated Open Finance roles:
- Data Providers
- Data Service Providers
- Account Service Providers
- Payment Initiation Service (PIS) Providers.
It mandates obligatory data sharing by, amongst others:
- Credit Institutions
- Broker-dealers
- Asset Managers
- Insurance Companies
Surprisingly, local companies that offer health and wellness-related services to employees are also included.
It sets the tone on interoperability to be achieved in the near future and suggests that bilateral Open Banking agreements cease to operate.
It highlights the importance of identity and authentication capabilities to be linked to state-of-the-art technology.
And finally, it sets the basis for the CMF to define API rules and standards to be adopted by Chile’s Open Finance Ecosystem and to define the guidelines for Open Finance infrastructure to take place
