Chile’s financial services regulator has set out a clear path towards an open finance future for the country. Collaboration between banks and fintechs is set to grow – but there are a number of hurdles to overcome before the legal framework can be set in stone. “To think that regulation is going to be able to steer the migration towards a framework of open finance architecture is illusory,” said Rosario Celedón, a lawyer advising Chile’s finance ministry on the rules. “We require a lot of coordination and integration efforts between actors in the financial, traditional and fintech sectors, and that today do not talk so much.” The objective, says Celedón, is for the regulation to act as a tool that facilitates the development and provision of technology-based financial services, and thus be able to establish an open finance framework in the Chilean market. The value of open finance was one of the topics discussed during the Second Meeting of the FintechLAC Network, a public-private fintech group in Latin America and the Caribbean, financed by the Inter-American Development Bank (IDB). “Open finance represents the right of the user or a business to share their information with another member of the network,” said Gavin Littlejohn, president of the UK’s Financial Data and Technology Association (FDATA) at the meeting. “It is not something completely open, but properly orchestrated and that ensures that key and relevant actors can share information.”

https://iupana.com/2021/04/19/chile-heads-towards-open-finance-regulation/?lang=en