In Chile, the lack of regulation in the fintech sector, along with a flow of investment for the country, would be a reason for restricting the development of a techno-financial center. This was pointed out in an article by Iupana.
According to this publication, there is accelerated growth of the fintech ecosystem in Chile, which in turn has piqued the sector’s interest in promoting the country as a reference hub in Latin America. The challenge, however, is the implementation of a regulation.
Considering It is believed that creating a legal framework would create the necessary certainties to encourage investment in Chile.
According to Finnovista, the fintech ecosystem in Chile consists of 179 startups. That’s 60% more tech finance deals than almost two years ago and an annual growth rate of 38%.
Felipe Harboe, candidate for the Constituent Convention, was quoted as saying, “What Chile must do to become the true technological center is to create a legal and administrative ecosystem that will facilitate the development of technological platforms.”
The Treasury Department’s Financial Innovation Advisor, Rosario Celendón, also referred to the problem and He specified: “Access to capital, access to talent, cooperation with companies in the fintech sector, but also with other actors in the financial system. An integration with the acting actors and a regulatory framework.
“From Fintech Chile they stated that the regulator cannot afford to develop poor regulation as this would only disadvantage the position of the territory compared to other fintech powers in Latam,” they wrote in the Iupana article.
Gonzalo Kirberg, Vice President of FinteChile, commented, “If we want to be a place where international funds and big tech companies use their chips, we need to have a better legal framework.”
The regulatory basis must of course be present in every industry, but we really lack an agenda on which the industry develops and incentives are given, not only for setting up companies and financing start-up capital, but also for what ideas and projects that are already up and running are escalating ???? added the FinteChile representative.
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