About the Law
On the 4th of January 2023, the Comisión para el Mercado Financero (“The Commission”) published the “Ley Núm. 21.521”, known here as “The Chilean Fintech Law”.
Following this publication, the Financial Market Commission (CMF) will continue to analyse specific implementation models through 2023 and early 2024, with further laws being issued in May 2024.
The Ley Núm. 21.521 is extensive and impacts multiple components of the Chilean Financial System. This document analyses the law’s impact on the Open Finance System.
The Chilean FinTech law is a starting point for the Chilean Open Finance System, but it is expected to be complemented by the Commission through a “norma de carácter general” (General Regulation).
About this document
This document describes the Chilean Fintech Law to stakeholders impacted by it or interested in exploring the market opportunities that it brings.
The document is divided into two sections:
1. The Chilean Open Finance System
2. OBE Analysis
The Chilean Open Finance System section summarises the different paragraphs of the law, directly related to the Open Finance System.
The OBE Analysis section includes our key takeaways from the initial analysis of the law. These topics are the starting point for discussions with the Chilean stakeholders.
This content was originally published by Open Banking Exchange in March 2023. Open Banking Exchange advisory and consultancy services are now being provided by Konsentus. This content is therefore now available for visitors to the Konsentus website.
