Fintech World Tour: Chile

Efma feature

12 March 2019

FinteChile, which has partnered with Efma for FinTechVisor, is working to promote the growth of fintech companies across Chile. Ángel Sierra, executive director of the association, spoke to Boris Plantier about the future.

What is FinteChile?

FinteChile is the association that represents and promotes the growth of the fintech industry in Chile. To do this we focus on four pillars to ensure its proper development: public policies and regulation; education, the development and attraction of talent; attraction of capital and investments; and promoting the use of fintech business services.

In addition to fintechs, we also welcome companies that want to work with us to contribute to the consolidation of the industry in Chile through their products or services.

How many fintech startups are in Chile and how many people do they employ? How much money is invested in these startups?

There are currently around 100 fintech companies in Chile. We are working on a study with EY and by the end of March we should definitively know how many people are working for them and how much investment they receive.

What are the specialties of these fintech startups? What are their main technologies?

The fintechs that we work with tend to specialize in six distinct areas: payments and remittances; crowdfunding and lending; insurtech, blockchain and cryptocurrencies; scoring, risk and cybersecurity; and wealth management.

Why should fintech startups settle in Chile?

Chile is the most advanced, developed and stable economy in Latin America. According to an article by Finnovista, Chile has an active ecosystem that represents a unique and growing opportunity for traditional financial institutions and more startups to be part of a trend that is changing the competitive landscape.

What's next for your organization and for the landscape as a whole?

At FinteChile we plan on continuing our work into the four pillars we use to boost Chile’s fintech industry, namely: regulation; capital; talent; and demand. We also eagerly anticipate becoming the Latin American Fintech Hub.

Over the next few years I believe there will be exponential growth in the number of fintechs in Chile and, as a result, a growth in the amount of business. As mentioned by Finnovista, there is great opportunity for banks to cooperate with fintechs, with the potential to leverage the transferal of part of their revenue streams to these new digital businesses.

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Keywords : Fintech

Geography : Chile