Since its promulgation in January 2023, the advances in regulation and rules have been relevant, complying with the premise of not obstructing the growth of a sector that needs to continue to develop. This has facilitated the promotion of a potentially more symmetrical environment between fintechs and the traditional financial sector, as well as favoring the creation of products and services for more Chilean consumers and SMEs.
In 2025 it is key to move forward as soon as possible in defining where the key entities, payment originators, data provision and processing entities will reside, all of which are essential to move forward. It is here that a definition is required with greater urgency compared to other aspects of the legislation.
On the fintech side, it is important that they work on complying adequately with all the requirements of the law in order to be able to scale as expected. What is noteworthy in this scenario is that there are some that are ahead of the majority.
Today Chile is the country with the most fintechs per 10,000 inhabitants in Latin America, which represents a great scope. However, the question is whether we will be able to generate the conditions for a relevant percentage to develop in an adequate market and be able to scale, reaching more markets in the region.
Undoubtedly, the Fintech Law has laid the foundations for a more dynamic and inclusive financial system, but its success will depend on the effective implementation of regulations, the strengthening of cybersecurity, the guarantee of real financial inclusion and consumer protection. Therefore, in the year ahead, it is a priority to make a coordinated effort between regulators, industry and civil society to make rapid progress in the consolidation of a robust and equitable financial ecosystem.
