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In the context of the new Fintech Act, both institutions will work together to support the development of the market based on the need of Chilean Fintechs.

Depósito Central de Valores (DCV) has partnered with FinteChile to promote collaborative work with Fintechs and foster innovation and inclusion in the financial market.

As explained by Javier Jara, Legal and Corporate Affairs Manager of DCV, "this is another step that our organization is taking towards an open finance scheme, where the aim is to create direct benefits to its users, always protecting their security, which should be reflected in a financial market that moves towards a greater financial inclusion."

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The Fintech Act was recently passed by Congress and regulates financial instruments' (including Cryptocurrencies) custodians. Mr. Jara said that "it is vital for both the private and public sectors to work towards initiatives in line with that challenge. By working with Fintechs, we will provide a better market infrastructure, in sync with their needs, and thus we will be able to anticipate the implementation of this Act."

Fintechs are growing strongly in Chile and around the world. According to a recent study of FinteChile, international investment and expansion continue within the aspiration of Fintech companies: 75.8% of respondents are thinking about making investments in the next six months, and 79% are planning to expand their businesses to other countries.

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"This development is explained by the great impact caused by technology finance, promoting inclusion, competition, and innovation in our country and the rest of the world. Through our partnership with DCV, we will continue promoting this growth, directly benefiting people," said Ángel Sierra, Executive Director of FinteChile.

DCV has been working intensively for many years to promote innovation in the capital market through its companies, as well as through AUNA Blockchain, the first consortium in Latin America to create and provide access to blockchain technology-based solutions, that also offers, among other services, e-voting for Shareholders' Meetings and Investors' Meetings, Click and Vote.

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Also, through its business unit Depósito de Valores, it offers its clients (participants) securities registration, trade, settlement, and custody services, considerably reducing the risk of their physical management during their entire life cycle (issuance, negotiation, and maturity). Since its beginnings in 1995, it has considerably increased its trade volumes by providing a sound infrastructure to the Chilean financial market, and it currently keeps 9,444 million UF (363 billion dollars).

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LThe objective of the Association of National Numbering Agencies (ANNA) is to provide reliable, accurate, and timely means to identify and describe securities than can be used by all nations and their markets

ANNA Service Bureau (ASB) wins the "Best Standards Solution for Data Management" at the A-Team Data Management Insight Awards Europe 2022, an event that awards the main solutions, services, and data management consultancy providers for the capital markets participants in Europe.

As a global numbering agency, ANNA supports capital markets to consolidate and provide reliable, accurate, and timely means to identify securities.

How does it operate? It gathers members and partners from more than 100 jurisdictions where each must assign a unique identification code to all new securities issued and then manage them during their life. The ISIN code has become the recognized global standard for uniquely identifying all types of financial and referential instruments, helping to connect and protect global markets.

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Its members are National Numbering Agencies, and in the case of Chile, it is DCV, which provides this service through its subsidiary DCV Asesorías y Servicios. "At DCV, we wish to congratulate ANNA for this award, and we would like to highlight the excellent work that they do every day contributing to the operation of international financial markets," says Claudio Garín, Operations and Services Manager of Depósito Central de Valores (DCV) and representative member of the Board of ANNA.

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12 startups from four different countries were the finalists of the event hosted by AUNA Blockchain, the first consortium in Latin America to create and provide access to blockchain-based solutions, comprised by Depósito Central de Valores (DCV), the Santiago Stock ExchangeSantiago Stock Exchange, and GTD.

 

After receiving more than 100 applications from startups from over eight countries and having 32 semifinalists, three Chilean businesses obtained the second and third places in the AUNA Open Challenge, organized by AUNA, the first consortium in Latin America to promote the development of blockchain technology, comprised of Depósito Central de Valores (DCV), the Santiago Stock Exchange, and GTD.

The finale took place in November with twelve startups from four different countries: Chile, Argentina, Colombia, and England, where the Colombian company Marketxm became the winner.

The jury was comprised of representatives from the organizing companies: Fernando Gana, General Manager of GTD; Tomás Gil, Innovation and Development Corporate Manager of GTD; Carolina Ariztía, PMO Assistant Manager of GTD; Juan Landaeta, Technology and Operations Manager of GTD; Javier Jara, General and Corporate Affairs Manager of DCV; Claudio Calderón, Head of Strategic Projects of DCV; Andres Araya, Clients and Businesses Manager of the Santiago Stock Exchange; Gabriel San Martín, New Businesses and Markets Assistant Manager of the Santiago Stock Exchange, Manuel Sacasa, Head of BCI Labs, and Cristobal Pereira, CEO of Colledge.

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At AUNA, they expressed that "we feel proud about the proposals presented and of the great level of the finalists, we are convinced that traditional actors have an important role to play in being leaders of this future, but startups play an even more important role as the engine of innovation and technology disruption that moves industries."

Javier Jara said that "this tournament focused on digital transformation, and that was exactly what the entrepreneurs could prove through their projects. Having award winners that consider blockchain as the DNA of their businesses demonstrates that developing trust-based technology is the right decision to continue investing in the future."

In an online ceremony on Friday, December 2, the organizers and sponsors awarded the winners and the honorable mention. The first place and the winner of the 10,000 USD prize was Juan López from Colombian company Marketxm with the collXM solution, an OTC derivatives warrants management platform.

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"We are a Colombian startup that consists of a warrants exchange system based on digital records through blockchain technology. I would like to thank DCV, GTD, and the Stock Exchange for making this dream possible. All the organizers were very generous with the time they spent on us. This is a great opportunity to develop the blockchain technology ecosystem, and I believe it puts us ahead in terms of where we need to be in the region," explained López.

The second place was for two proposals: Valeria Deik from Azurian, with the Meditrace solution, a drug traceability platform, and Jorge Garcés from Gatblac, with the Invento solution, an NFT purchase and sales platform to manage events, loyalty programs, and online marketing enabling a market for ticket resale where producers are benefited. Both were part of the open category.

The third place was awarded to Joaquín González with Cero Trade, a renewable energy certificates sale and traceability platform, also part of the open category.

Finally, an honorable mention was awarded to Daniel Malaver with Equitly Finance, a tokenized shares trade platform to provide funding to companies and startups, who won a mentorship from Colledge through its founder Cristóbal Pereira. This company awarded Invento, Meditrace, Cero Trade, and Equitly Finance free access to blockchain courses.

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During its first days of operation, the new platform has increased the speed of transactions with substantial benefits to the market. In addition, new services can be accessed, and new technologies can be implemented.

 

Currently, the Chilean capital market is facing several challenges. And with Depósito Central de Valores (DCV) as a relevant player in the system being responsible for holding securities and recording and settling stock exchange and OTC transactions, among other services, we decided to deploy a state-of-the-art technology base as the central axis of our strategy to accompany the market in its evolution.

In 2018, a partnership was created with Nasdaq, a world-class technology provider, to install a new platform and computer system to provide their services, placing the Chilean market at the forefront of security depositories worldwide.

This great innovation, called "DCV Evolution," completed its installation process in September, taking another step forward to continue moving towards capital market development, facilitating interconnection with international markets and promoting the development with the industry's players of newly added value services.

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"It is important to mention that this project involved the active participation of all of our clients, stock exchanges, clearing and settlement houses, the Central Bank of Chile, and other companies of the securities market infrastructure, which was vital for the success of this initiative." In addition, there was an on-going communication with our authorities given the importance and scope of the change," says Guillermo Tagle, President of DCV, who, together with Rodrigo Roblero, the Company's General Manager, comment on the benefits of the new system and the following steps to be taken in the Company.

When did the system go into operation, and which services are available for our clients?
Rodrigo Roblero: The platform went into operation on August 16 for all DCV participants, who were able to log in on August 15 (a bank holiday) to check their balances and test the system out, which reflects the extraordinary commitment of all the parties involved in this complex change process. In this first stage, we focused on moving the current services of DCV to the new platform. Now that that phase has been completed, we will start with a new one that includes improving the quality standard of our services and exploring new growth and business opportunities.

What is the impact of the start-up of this new platform in partnership with Nasdaq in the financial market?
Guillermo Tagle: First, DCV will be able to access new services currently offered in the more developed markets and customize them together with Nasdaq for our market. The second relevant impact is that it will help us face in a better way the changes being experienced in the Chilean market, making it possible, among other things, to help in the challenges that will be given by the new Fintech law that is currently being discussed in the congress. Similarly, it will allow DCV to be more adaptable to include blockchain technology-based services such as facilitating the issuance of digital assets or their tokenization.
Finally, this new platform will allow improving processing capacity and reducing time, which is excellent news for our market.

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Which benefits does this bring for the clients that operate in the financial market?
Rodrigo Roblero: During the first days, we experienced a considerable increase in the processing speed of DCV transactions, up to 144 times faster. This means that the processes that used to take place in seconds have been reduced to milliseconds. On the other hand, we have continuously communicated with our clients, proving that the new user experience is more efficient and straightforward, thus facilitating their work. The change has been evaluated positively by the market.
Our team worked hard in this process to ensure that our clients moved into production successfully and for the market to obtain the benefits of having a high-processing capacity, efficient, and resilient platform to face the future challenges of our market.

In the era of cyberattacks, what are the guarantees this platform offers for clients to operate?
Rodrigo Roblero: Cybersecurity does not only play a role in the development of a technology platform; it is also included in the way of managing and handling all the Company's infrastructure resources. Nasdaq technology provides us access to the best practices in this area. However, we are aware of the fact that we must always be looking out for any threats. DCV considers cybersecurity a central aspect of its operation, where we will continue strengthening our protocols to be prepared to face these risks. Nobody is free of cyberattacks, so we are constantly focusing on managing any risks related to that matter.

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Do you have any plans after DCV Evolution? Are you planning to participate in new businesses?
Guillermo Tagle: As mentioned, we have taken a significant step for the Company and the market, moving from (in the context of installing a system in a big bang modality) an old technology system to an entirely new world-class system such as the Nasdaq platform. We will continue ensuring the system's proper operation but are already planning the second stage of future development for our Company. In the short term, the Company decided to start a new project called "DCV Digital," which includes in its first phase enabling custody and settlement services for digital assets based on blockchain technology. For this, we are working with some players in the market. We will also start a profound transformation process to improve the shareholders' registers we manage through our DCV Registros S.A. subsidiary.

Rodrigo Roblero: In addition to what our President has mentioned, DCV will continue enabling new services that provide value to the market with the same quality, security, and efficiency standards that characterize us. Our future growth strategy also considers strengthening the cross-border custody service and integrating with other entities to provide our services. It is worth recalling that the Company recently created a new subsidiary called "DCV Asesorías y Servicios" which will allow us to grow in activities that are complementary to our line of business.

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Claudio Calderón, the Company's Head of Strategic Projects, talks about the importance of this initiative for the financial market.

 

AUNA is the first consortium in Latin America founded by Gtd and Depósito Central de Valores (DCV) that promotes an ecosystem for companies to create their own blockchain networks and solutions based on this technology.

Claudio Calderón Pefaur, DCV's head of Strategic Projects, highlights how important it is for the company to be part of this initiative with two other prominent players in the financial market. "When AUNA was founded, the first solution that it had installed was stock exchange securities lending. And back then, this product took a week to be executed. However, it only takes 7 minutes with blockchain technology. It has been one of our most important businesses, and we aim at its development to the extent that new instruments and vendors come into play," he says.

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The developed platform allows becoming an enabler to create a financial ecosystem, "where we are not only helping different companies to interact, but we are also providing the tools to create new products in this ecosystem under a safe and distributed environment," he adds.

Mr. Calderón believes that it is imperative for AUNA to continue growing to develop more products and attract more clients and ensure that large and mid-sized companies become part of this digital identity world. "This is an excellent alternative for the entities related to the Fintech world because it allows them to create, launch and market blockchain applications, establish partnerships with other companies, and become well-known among the broad network of founding companies."

With this in mind, the three founding entities launched the AUNA Open Challenge 2022 contest, aiming to set challenges and find new opportunities for local and international startups. This challenge will take place as a tournament. The winner will obtain a prize of USD 10,000 and the option to create a pilot program for the selected proposal with actual clients to market and expand their business to the following countries: Chile, Peru, Colombia, and Ecuador.

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In summary, the objective of this financial ecosystem is to become an offer that focuses on digital transformation where different players in the capital market have the opportunity to renew their infrastructure with a more reliable and versatile one, which is also one of the goals that DCV set for the following years.

DCV used the same technology used by AUNA (Blockchain Hyperledger Fabric of Linux Foundation, and currently also Hyperledger Besu) to launch the e-voting platform for Shareholders' and Bondholders' Meetings, Click&Votein 2020 during the Covid-19 pandemic. Currently, both solutions are managed through the platform.


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The successful re-certification audit process led to the certificate's renewal for an additional three-year period. 

Depósito Central de Valores (DCV) chose British Standards Institution (BSI) for the annual follow-up of the ISO 22301 and ISO 27001 certifications because it is one of the best in the market for these certifications and to go through the audit and review process based on international standards.

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It is worth mentioning that the certification includes a 3-year audit and maintenance follow-up cycle, and it is in the third year that the re-certification audit process starts. During the week of August 8 to 12, 2022, the BSI audit team based in Brazil communicated in their report that based on the results of these audits, the objectives were met and concluded that DCV meets the standard's requirements and criteria and considers that the management systems achieve the expected outcomes to renew their certification for three additional years.

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ISO 22301 is a standard that focuses on Business Continuity Management, which guarantees that the company will be able to continue providing its services without any inconveniences given any unexpected technical or operational events. Similarly, ISO 27001 specifies the requirements to establish, implement, maintain, and continuously improve an information security management system.

Obtaining these two ISO certifications is part of the excellence and security policy that DCV applies to the services provided to its clients.


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