Canada    FinTech Guide    Chapter 11    Chile

11. Identification
Chile  Chile

We are not aware of any noteworthy discussions on the subject.

Legal Affairs

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.

Economic Conditions

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.

Contributing Authors

Urenda, Rencoret, Orrego y Dörr

Rodrigo De Alencar
Santiago, Chile

Nicholas Mocarquer
Santiago, Chile

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018