The conflict of a few months ago between Banco Estado and some FinTech companies operating in Chile opened the doors to dialogue, giving rise to open banking.
Matías Langevin, partner in charge of the Banking, Finance & Fintech department, advised Finerio in the alliance it formed with the state bank and supported Fintoc in the process of creating its new agreement with the entity. The frameworks define ways to integrate and incorporate the participation of technology companies.
“In the absence of regulation as yet, this and the other agreements closed by BancoEstado pave the way for self-regulation, which will be key in such a dynamic industry,” said our partner.
For his part, Finerio’s co-founder and co-CEO, Nick Grassi, told Diario Financiero that “this really shows that the country wants to facilitate competition for the benefit of end consumers”.
Industry players are still waiting for progress on the Fintech Law bill, which is still being processed in the Finance Committee of the Chamber of Deputies. Nevertheless, the agreements demonstrate that the parties can work together to make room for innovation while protecting the security of all users of the system.
The formation of the alliances has achieved an integration of the banking systems with the payment and personal platforms, bringing Chile ever closer to regulated Open Banking.
You can read the Diario Financiero article here: BancoEstado strengthens relationship with FinTech companies and signs new agreements.