We are not aware of any noteworthy discussions on the subject.
There is no specific regulation regarding FinTechs in this line of business. Accordingly, and apart from compliance with general rules applicable to service providers, there generally are no specific license, minimum capital or liquidity requirements.
However, in case the identification services consider the processing of data that are considered to be of personal or sensitive nature, its collection and management would be protected by law. In this regard, please refer to “9. / Chile / Legal affairs” for definitions of personal and sensitive data. Furthermore, regarding data of economic, financial, banking or commercial nature, Chilean data privacy laws establish limitations of the documents under which such obligations shall be evidenced in order to be communicated and years of the obligations that may be communicated.
Information regarding revenues and customers is not readily available.
The scope of the services should be carefully analyzed on a case by case basis in order to assess any potential risks relating to compliance with data privacy and other laws generally applicable to service providers.
Rodrigo De Alencar