Under the new regulation, institutions that are currently regulated in the financial system must join the Open Finance System (SFA) to provide information that users decide to share with other participating institutions, after giving their consent.
The Financial Market Commission (Comisión para el Mercado Financiero, CMF, according to its Spanish acronym) has published the long-awaited regulation that will govern the Open Finance System (Sistema de Finanzas Abiertas, SFA, according to its Spanish acronym) or open banking under the Fintech Law, which will take effect in July 2026.
Under the new regulation, regulated institutions in the financial system—such as banks, card issuers, insurance companies, fund managers, and savings and credit cooperatives supervised by the CMF—will be obligated to join the Open Finance System (SFA) to provide information that users decide to share with other participating institutions, after giving their consent.
The CMF also established regulations for institutions that decide to register in the Open Finance System voluntarily in order to offer financial services to users.
In a press release received by Chilean business publication Diario Financiero, the CMF said that it expects «the anticipated benefits of the Fintech Law, namely greater competition and financial inclusion, to be realized through the issuance of this regulation.»
Similarly, the regulator trusts that «the entrance of new financial service providers into the market will generate greater innovation in the provision of services, with the benefits that this entails.»
According to the regulation issued, the implementation period for the Open Finance System will be gradual, depending on the role that each participant plays within this system.
The first phase has a period of 24 months to take effect, which will be used for adaptations required for the implementation by each of the participants.
Additionally, technical specification manuals will be developed during this period.
Subsequently, the regulation has an implementation calendar that begins with the progressive delivery of information that must be shared by banks and card issuers within the following 18 months.
Then, the obligation for savings and credit cooperatives regulated by the CMF, insurance companies, administration funds, and compensation funds, among others, will take effect in the following 18 months.
As such, the regulation is expected to be fully implemented within five years.
Find out everything you need to know about the fintech industry in Chile.