Canada    FinTech Guide    Chapter 8    Chile

8. Online Banking Services
Chile  Chile

We are not aware of any noteworthy discussions towards Online Banking Services.

Legal Affairs

Assuming that the services will only allow access to accounts the customers have with established banks in Chile, there is no specific regulation regarding FinTechs in this line of business. Accordingly, and apart from general rules applicable to service providers (such as initiation of activities before the Chilean Internal Revenue Service), there generally are no specific license, minimum capital or solvency requirements.

However depending on the nature of the financial services being provided by BaaS, the entity may have to establish itself in Chile as a formal bank or financial institution under the oversight of the Banks and Financial Institutions Superintendence (Superintendencia de Bancos e Instituciones Financieras - SBIF) and shall fulfill certain specific requirements such as minimum capital and solvency requirements.

Economic Conditions

Information regarding revenues and customers is not readily available.

We are seeing a lot of collaboration with Fintech companies and the big Canadian Banks to provide services and products but also some traditional financial institutions have developed their own in-house fintech expertise through organic growth or direct acquisitions.

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