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