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Asset and portfolio management
FinTechs belonging to this category offer asset and portfolio management services via an internet platform or software programs and usually manage and dispose of the assets of their customers long or short term according to their specifications without actually holding the property or the possession of those assets. FinTechs, which provide information about and access to overnight or time deposit accounts at national and foreign banks and which execute the transactions to these accounts, also belong to this category. Some FinTechs however only act on request of the customer.

Aside from that some FinTechs offer software or internet solutions enabling users to manage and plan their personal finances on their own by providing graphics, overviews and compilations of their financial data and sometimes indicating financial risks or opportunities, but without actually managing the assets.


Attitude of the country towards modern asset and portfolio management services

Asset and portfolio management through FinTech platforms is not new in Chile. However, absent specific regulation on the matter, certain cases involving fraud in the custody and deposit of financial instruments or money, on account of third parties, have heightened the scrutiny on all portfolio managers, not only FinTech related ones. 

In February 2019, the Commission for the Financial Market (CMF, the SEC equivalent) issued a White Paper on “General Guidelines for the Regulation of Crowdfunding and Related Services” (White Paper).

This White Paper presents certain preliminary conclusions after a first stage of discussion and analysis carried out during 2018 by the CMF on crowdfunding and related services (including, but not limited to, asset and portfolio management). The CMF has explained that the purpose of the White Paper – after gathering comments and suggestions from the public and market stakeholders – is to prepare and propose a draft legislation to the Administrative Branch (i.e. the President of the Republic) that, in turn, could be filed in Congress, hence starting the process of formally becoming a law. 

In the CMF’s view, the White Paper has been structured based on promoting innovation and inclusion in the provision of financial services, as well as providing protection to investors and users of these services without creating unnecessary obstacles to the development of the FinTech sector. The prevention of money laundering and terrorism financing has also been a concern.

In accordance with the above, in September 2021, the President of the Republic submitted a bill to the chamber of deputies (Bulletin No. 14570-05 “Promotes competition and financial inclusion through innovation and technology in the provision of financial services”) that is currently in the second constitutional phase, which establishes a regulatory framework aimed at promoting and facilitating the adoption of new technologies in order to (i) encourage financial innovation and the creation of new products; (ii) facilitate the entry of new competitors to enhance competition; (iii) generate greater financial inclusion; and (iv) improve prediction of customer characteristics and needs (Bill).

While the Bill regulates some issues related to FinTechs, it is not expected to have much effect on asset and portfolio management FinTechs (especially the larger ones, Fintual and SoyFocus), as they are already voluntarily included within the CMF's regulatory perimeter. This is because both companies are incorporated as traditional general fund managers complying with the requirements established in Law No. 20,712.

Legal affairs

Obligations and requirements to provide asset and portfolio management, or ancillary services described above

Assuming that p
urely technology and software for rendering of the asset and portfolio management services will be provided, 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, if the scope of the services extends to the administration of mutual or public investment funds, the entity shall establish itself in Chile as a formal fund administrator under the oversight of the CMF and shall fulfil certain specific requirements such as minimum capital and guaranty requirements.

Additional comments regarding the legal situation for asset and portfolio management services or what FinTech’s must be aware of in this business area


Economic conditions

Market size for asset and portfolio management services and biggest companies in this business area

Information regarding revenues and customers is not readily available.

Additional comments regarding the economic situation for asset and portfolio management services or what FinTech’s must be aware of in this business area





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