Online banking services
FinTechs belonging to this area offer traditional banking services in a modern way, usually through online services or mobile applications as well as ancillary services – e.g. enabling customers to manage their giro- or custody-accounts online and in real time or offering e-wallet services. Keywords in this context are also API-Banking or Banking as a Service (BaaS)/ Bank as a Platform (BaaP).
API stands for application programming interface and is offered to access data banks and to extract and insert information. API-Banking consequently means the access to data banks of banks to offer new and innovative banking applications.
Through these services FinTechs offer services with new functions, e.g. enabling customers to manage their accounts online and in real time.
BaaS – Bank as a Service/BaaP – Bank as a Platform:
The API-based Bank as a Service platform has a full banking licence, but merely serves as the back end for standalone independent FinTechs, which “use” the licence and the back end of the bank to offer new financial services, launch additional financial products or expand into additional markets.
Attitude of the country towards online-banking services
We are not aware of any noteworthy discussions towards online-banking services. However, we are aware that the use of these technologies is becoming more and more common, not only by corporations, but also in people's daily lives.
Obligations and requirements to provide online-banking services described above
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.
However, when such services include banking services, the entity may have to establish itself in Chile as a formal bank or financial institution under the oversight of the CMF and shall fulfil certain specific requirements such as minimum capital and solvency requirements.
Additional comments regarding the legal situation for online-banking services or what FinTech’s must be aware of in this business area
Market size for online-banking services and biggest companies in this business area
Information regarding revenues and customers is not readily available.
Additional comments regarding the economic situation for online-banking services or what FinTech’s must be aware of in this business area