Canada    FinTech Guide    Chapter 9    Chile

9. Analytics and Research / Data Management / Risk Management
Chile  Chile

The financial industry is exploring the use of new technologies to automate manual processes; to group, share and store data; to improve security; to identify suspicious transactions and, in general, to facilitate regulator-bank interactions. Companies in the FinTech domain are competing to generate innovative solutions to meet such needs. The most common solutions in this field are associated with Big Data, Cryptography, Biometrics, Blockchain, Artificial Intelligence, Cloud Computing and Programming Interfaces Application.

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 data are considered to be of personal or sensitive nature, its collection and management would be protected by law. In this regard, Chilean law currently defines personal data as “any information concerning identified or identifiable natural persons”, and sensitive data as “data referring to people’s physical or moral characteristics, or facts or circumstances of their private life or intimacy, such as personal habits, racial origin, ideologies and political opinions, religious beliefs, physical or mental health states and their sexual life”. Currently there is a bill in congress which is aimed at strengthening Chile´s data privacy regime which even considers the creation of a governmental agency with faculties to oversee its compliance and fine breaches to the same.

Economic Conditions

Information regarding revenues and customers is not readily available.

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 August 2019