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InvestChile Executive Director: “Chile has the conditions to be a Fintech hub in the region”

18 May, 2023
  • The executive director participated in the workshop “Fintech Law in Chile: perspectives and opportunities”, organized by InvestChile and FinteChile.

The Fintech industry’s main public and private stakeholders met this Tuesday to participate in the workshop “Fintech Law in Chile: perspectives and opportunities”. The activity was organized by InvestChile as part of the Fintech Chile Forum, the country’s most important event in the sector. It was chaired by Economy Minister Nicolás Grau, and the executive director of InvestChile, Karla Flores, and the executive director of FinteChile, Ángel Sierra, both participated.

The aim of the event was to initiate a technical dialogue in the context of the recent implementation of the Fintech Law in Chile. The workshop was therefore also attended by the general director of Conduct Regulation at the Financial Market Commission, Patricio Valenzuela, and the adviser for Capital Markets Coordination at the Treasury Ministry, Tomás Pintor.

In his welcoming address, Minister Grau highlighted the actions that the government is taking to develop the financial system in Chile. They include the new Fintech Law, as well as the Fondo de Fondos (Fund of Funds) project, which is expected to enter Congress in the coming months to strengthen venture capital in Chile.

“Its goal is to achieve a good risk/return pool that would allow all the development that Chile has had in start-ups and smaller technology-based companies to effectively have venture capital in Chile, and not have to look for it abroad,” said the minister.

Along the same lines, the executive director of InvestChile, Karla Flores, commented that one of the agency’s goals is to diversify the country’s economic activities towards new sectors with high potential. InvestChile, therefore, “has worked to support the growth of the Fintech sector, where we see very clear development opportunities.”

“We are convinced that our country has the conditions to become a hub for the Fintech sector in Latin America, with growth driven by local stakeholders, together with international companies and funds,” Flores stated.

At the event, the executives of the companies that attended were able to learn about the Chilean Economic Development Agency (CORFO) entrepreneurship, acceleration, venture capital and innovation programs.

Fintech Chile Forum

Treasury Minister Mario Marcel kicked off the Fintech Chile Forum this Tuesday, the most important financial technology event in Chile. In his speech, the minister emphasized the role that these companies have in financial inclusion and highlighted their expansion as they have been increasingly adopted by consumers.

Minister Marcel pointed out that the new legal framework “not only offers opportunities for local stakeholders, but also offers a very attractive field for international stakeholders, positioning Chile as a regional hub in the financial field.”