ABIF, FinteChile to promote an Open Finance System in Chile

Thursday 30 June 2022 10:03 CET | News

The Association of Banks and Financial Institutions (ABIF), BancoEstado, and the Association of Fintech Companies of Chile (FinteChile) have signed a Framework Agreement that establishes security standards, responsibility, and mechanisms for reading data from customers in a controlled manner via web scraping.


The agreement is the result of a worktable that, in August 2021, was formed by both associations, and constitutes the first step toward an Open Finance system in Chile, which will provide a framework for action while other reading mechanisms are established, and without prejudice to the regulatory changes that are approved in the future.

This Framework Agreement, which is optional for both banks and fintech companies, establishes responsibility and security standards, resolution mechanisms, and access protocols that will promote the Open Finance system in the country, which must be complemented with Bilateral Agreements. These will be established by the respective institutions, with the specific aspects to be considered in the implementation of the data reading agreements.

The agreement has been presented to the Ministry of Finance, the Central Bank, and the Commission for the Financial Market and, in all these instances, the authorities have positively valued this initiative, highlighting the proactive role of the private sector in these matters. The working table made up of the associations and BancoEstado plans to continue working together to advance a common agenda on Open Finance.

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Keywords: partnership, Open Finance, regulation
Categories: Banking & Fintech
Companies: ABIF, BancoEstado, FinteChile
Countries: Chile
This article is part of category

Banking & Fintech






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