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.
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.
Information regarding revenues and customers is not readily available.
Rodrigo De Alencar