Open Banking in Chile

Chile passed its Ley Fintech (N° 21.521) in 2023, establishing a legal basis for open finance, fintech regulation, and financial data portability. The law is overseen by the Comisión para el Mercado Financiero (CMF), which is developing secondary regulations and technical standards.

Chile's approach covers a broad scope including banking, insurance, and securities data. The framework establishes the right of consumers to access and share their financial data, with consent-based data sharing through standardized APIs. Implementation timelines and technical specifications are being developed by the CMF.

Chile's relatively advanced financial sector, high internet penetration (90%), and growing fintech ecosystem position it well for open finance adoption. Santiago has become a Latin American fintech hub, with companies like Fintual, Buda.com, and Khipu operating in the market.