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The Evolving FinTech Landscape of Chile

The entrepreneurial transformation of Chile to “Chilecon Valley” and its capital city Santiago’s transformation from being a tourist destination to a technology entrepreneurship hub is a remarkable journey of success. It all started with the launch of a publicly-funded startup accelerator program called “Start-Up Chile” by the Chilean Government in 2010. Since then, there’s no turning back. The accelerator program not only welcomed global entrepreneurs to set up their businesses in Chile but also built Chile’s FinTech ecosystem in the process. This opened up a sea of opportunities to deepen financial development and inclusion, competition, and innovation in the region.

While the rise of FinTech not only brings in benefits, it also brings risks and presents new challenges for the regulators and policymakers in terms of data privacy, money laundering & terrorism risks, and financial integrity risks, among others. Recently, the Minister of Finance of Chile Felipe Larraín announced the introduction of a bill regulating cryptocurrencies and FinTech to Congress. The bill will be important for FinTech companies (such as buda.com, Cryptomkt, and Cryptopago) that have bui ...

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