Open Banking in Chile

Chile passed its Ley Fintech (N° 21.521), published in January 2023, creating the Sistema de Finanzas Abiertas (SFA) and a legal basis for fintech regulation. The system is overseen by the Comisión para el Mercado Financiero (CMF).

The CMF regulated the SFA through NCG 514 (July 2024) and finalized the technical standards with NCG 569 (June 2026), which adds Anexo Técnico N°3 (interoperability, certification, security, API operation, consent, participant directory, and payment initiation). Entry into force was postponed from July 2026 to July 2027, with a gradual rollout by groups; participation is mandatory for information providers such as banks, card issuers, certain insurers, and fund administrators.

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.