Fintech company Ebury plans to continue investing in Chile

Two years after initiating operations in the country, the UK-based global company is reviewing its development and future in the Chilean market.

In 2023, Ebury, a global fintech company based in the United Kingdom, decided to open its office in Chile. With 15 years in operation, the company—which specializes in international payments, foreign exchange operations, and currency risk management—had been present in Latin America since 2020, when it opened its first office in Brazil. It then chose Chile as its gateway to Spanish-speaking Latin America.

“Chile has positioned itself as an attractive country in terms of business potential, mainly due to its international openness, its dynamic business and entrepreneurial sectors, and its financial market development,” said Alfonso Molinare, Country Manager of Ebury in Chile. He also highlighted Chile’s global network of free trade agreements, which fosters foreign trade and encourages companies to expand internationally.

According to Molinare, the results after two years have been positive, meeting expectations with strong acceptance among importing and exporting clients who are seeking alternatives to traditional banking, “and are open to finding more efficient ways to manage their international trade operations and explore new markets.” This comes amid a new reality in international trade, where medium-sized companies have had to adapt to the emergence of regional trade blocs—a shift that requires more financial tools to continue operating in those markets.

“We want to keep growing and investing in the Chilean market, as the conditions we saw before we established ourselves in the country are still present, and even improving. We don’t foresee market volatility decreasing, which means companies will continue to need to manage their foreign exchange risk so that it doesn’t erode their margins,” Molinare noted.

Fintech Law

The same year that Ebury arrived in Chile, the country enacted its Fintech Law. This was very important for the company, which conducts a comprehensive analysis before entering any market. Molinare noted that they had little doubt when assessing how they could operate in Chile, thanks to its “robust regulatory and institutional framework, which allows companies like ours to enter a new market with clear rules from day one.”

“We established our presence in Chile once the law was already enacted, although the secondary regulations were still to be defined by the Financial Market Commission (CMF). We’ve seen this process unfold over the past two years in a transparent manner, with participation from various stakeholders, which has been very positive,” the executive said. In his view, there is always room for improvement, but in Chile’s case, “there is a robust regulatory framework that definitely promotes innovation and greater competition in the financial sector. This translates into more options, greater access, and lower costs for the end consumer.”