We landed in Chile to continue aligning the opportunities and benefits of the local financial industry with Flux IT’s expertise. This time, Agustín Kelly, our Head of Enterprise Solutions, traveled to Santiago de Chile in August with the goal of strengthening relationships with key industry leaders, staying up to date with the most prominent trends in the country’s fintech ecosystem through relevant events, and meeting with clients with whom we are working on joint projects.
In this context, our ambassador participated in networking events such as Xepelin Insights and the 16th edition of CMS Financial Innovation, where he was able to identify some improvement areas. Among them, digital payments stood out, since the country is experiencing a rapid adoption of cashless solutions and electronic wallets. Open finance is another high-potential area, given that Chile is advancing in the regulation and adoption of this model, paving the way for innovative solutions that facilitate interoperability and the secure exchange of financial data. Finally, artificial intelligence is not far behind, offering great potential for companies looking to enhance personalization, operational efficiency, and predictive analytics by including, for instance, the concept of conversational banking.
The growing adoption of technology by consumers across the country, together with the need for financial inclusion and favorable regulations in the sector, has led to exponential growth in Chile’s fintech industry. This growth opens up opportunities to further drive development through the greater adoption of digital banking, collaboration between fintech companies and traditional banks, and an increased demand for inclusive financial services.
One example is the recently enacted regulation that, under the Fintech Law, will regulate the Open Finance System (SFA, for its Spanish acronym), thus representing a major step towards financial innovation by providing a regulatory framework for certain technology-based financial services that previously lacked one. This is accompanied by regulations for payment initiation service providers and the creation of an Open Finance System; Open Banking, which will facilitate the exchange of customer financial information and the subsequent development of new financial products and services.
“One of our goals is to increase Flux IT’s regional presence, develop strategic alliances, and leverage the participation of different local and international industry leaders to strengthen our relationships. Moreover, close contact with C-level executives allows us to better understand their needs so we can tailor our solutions, receive direct feedback to innovate and consolidate our offering in target markets.”
Agustín Kelly, Head of Enterprise Solutions
Additionally, discussions covered the challenges facing the sector today and the best ways to tackle them, such as identity theft and fraud, as well as more concrete innovation possibilities, including microcredits, tailored insurance, and automated financial advisory services.
“We will continue to deepen and expand in Chile our experience in developing digital experiences within the financial world, not only to enhance its development but also to provide greater access to more and better services for users.”
Agustín Kelly, Head of Enterprise Solutions