Finsight.news contributor Richie Santosdiaz hosts an exclusive interview with Angel Sierra, President Fintech Ibero-America and Co-Founder & Executive Director of Fintech Chile to decode the fintech bill in Chile and the legislative impact on the LatAm fintech ecosystem.
According to the Finsight.news research team, the fintech ecosystem in Latin America is booming: nearly 70% of the Latin American population is unbanked. However, the use of smartphones is drastically increasing and it’s predicted that 90% of all Internet connections in Latin America will come from mobile devices by 2022, leaving the door wide open for digital fintech providers. These are just a few of the stats that make Latin America ripe for fintech innovation.
The bill that promotes financial inclusion and competition through innovation and technology in the provision of financial services, was submitted to the Chamber of Deputies on September 3, 2021, and is currently with the Treasury Commission in its first legislative stage.
Chilean’s Fintech Bill focuses on boosting the benefits that technology-based financial services can generate and aims to address potential risks and challenges while hopes to achieve a balance between promoting financial innovation, competition and other public policy goals on financial stability and financial inclusion.
The bill is presented as a framework bill, which grants the Financial Market Commission (CMF) a clear mandate for the regulation and supervision of these new activities, in observance of the legally established principles and criteria.
Watch now the exclusive interview with Angel Sierra, Co-Founder and Executive Director of Fintech Chile, which analyzes in detail the importance of the fintech bill in the regional and local context.
Angel Sierra is the co-founder and Executive Director of FinteChile (Chile Fintech Association), and the Former co-founder of Colombia Fintech (Colombia Fintech Association). His qualifications include Industrial Engineering, Pontificia Universidad Javeriana, Colombia MBA, and Georg Simon Ohm University, Germany.