Market leaders analyze the path traveled by the industry over the
last three decades

Chile's GDP grew 5.3% in 1993 when President Eduardo Frei Ruiz-Tagle took office; José Antonio Guzmán was President of  CPC, and the well-known economist Roberto Zhaler led the Central Bank. That year, when the legal age changed from 21 to 18 in Chile, Depósito Central de Valores (DCV) was created due to one of the greatest digital transformations experienced by the Chilean capital market, with the clear mission of receiving public offering securities deposits and facilitating their transfer through a register system model. All this under the highest transparency, security, and efficiency standards.

Fernando Massú

The capital market that DCV has served has undergone significant changes over the last three decades while the company continued its development process to move along with it. Fernando Massú, President of BTG, highlights some of these changes: "The growth of the market (in terms of size and strength) by incorporating financial institutions other than banks that can compete in the savings and loans arena. Currently, people and companies obtain funds from sources other than banks, such as insurance companies, department stores, compensation funds, factoring companies, and leasing companies, to mention a few. Local banking funds approximately 50% of the companies needs, and around 70% for people."

María Eugenia Norambuena

María Eugenia Norambuena, General Manager of Principal AGF, states that the market's growth is strongly related to its regulatory framework. "The main milestone of these 30 years has been the development of a sophisticated regulatory framework for the financial system, which has allowed for its growth providing safe conditions to those that use its benefits, such as savers and investors." Massú points out other significant breakthroughs. "The creation of products such as the RUT account (bank account provided with a Taxpayer ID number), debit cards, and credit cards have promoted banking usage within a large part of the Chilean population. The savings kept in AFPs and life insurance companies provided access to loans and mortgage loans under excellent conditions to a great part of the population."

María José Montero

Challenges

Regarding future challenges, the Director of the Chilean Association of Investment Funds Administrators, María José Montero, says that "it seems evident that we must make sure to protect a growing and transparent capital market that operates efficiently playing its role in the economy by mobilizing savings and providing liquidity to promote an emerging economy. It is also imperative to move towards a more sustainable financial market: We have the opportunity to play a more active role in solving the social and environmental challenges we face globally." María Eugenia Norambuena addresses the same issue: "The challenge is to educate people on the business to see that they can leverage all the advantages and opportunities that we provide as a sector for the lives of Chileans."

Juan Carlos Chomalí

Juan Carlos Chomalí, President of AFP Capital, adds, "it is key to protect the institutionality for the financial market to continue growing and supporting the development of the Chilean population." 

"DCV continues providing trust and transparency in the custody and settlement of securities, creating new ways of helping our clients with their challenges."
Rodrigo Roblero Arriagada.

In this context and after three decades of providing services to the local financial system, DCV intends to continue being a key player in supporting the market. The digital transformation process that started with the creation of DCV has continued. Recently, this company strengthened its technology infrastructure by deploying a world-class platform. "DCV, in its role as a supplier of sound infrastructure for the development of the market, will continue contributing with trust and transparency in the custody and settlement of securities, creating new ways of helping our clients with their challenges and the different upgrades promoted in the market," states  Rodrigo Roblero Arriagada, CEO of the Company.

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"It is about digital transformation, innovation, risk management, and the continuous improvement of the business platform," said Rodrigo Roblero, General Manager of DCV.

As every year, the depositors of Depósito Central de Valores (DCV) got together to hold the XXVII Depositors' Meeting. With the presence of the Surveillance Committee and its participants, Rodrigo Roblero Arriagada, General Manager of DCV, took the opportunity to present four lines of work in which the Company will place its efforts for the 2023-2024 period. 

In 2022, the Company's efforts were placed in the new DCV Evolution (DCVe) platform, which is excellent leverage for developing the Company and the capital market. "We have taken a step forward in technology transformation and are currently seeing good results in terms of stability and processing times. However, in 2023 our main focus is to continue strengthening our services even more," said Mr. Roblero.

This way, our work focuses on continuously improving the DCV Evolution business platform. "After the successful go-live, we must continue strengthening and improving the platform. Four new releases have been defined to improve the Company's performance needs."

Secondly, risk management is a topic that DCV has engrained in its DNA since its creation. "We know the importance of what we manage; that is why we are working with other infrastructure companies (FMI) to have the same perspective on how to face operational and cybersecurity risks collaboratively." Similarly, he ensured that the Company will continue promoting practices to keep its high standards of service availability and improving the responses that are part of the business continuity plan.

In 2021, the Company started identifying opportunities to enhance the efficiency of its relationship with its clients. In this line, the third pillar is focused on the digital transformation process that intends for those interactions to be more efficient in the market.

The fourth line of work is innovation, which was presented as a key component for developing new technologies. "We proudly say that we have been working on a project called DCV Digital with Nasdaq, to develop the first DLT technology (Blockchain) processes."

Finally, Rodrigo Roblero said that all changes will have the Company's clients at the center: "Last year, we underwent a deep internal restructuring process to strengthen the relations with our clients to develop new opportunities and to address the improvements required by the market. And this is what we expect to continue reinforcing." 

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The virtual meeting took place using the Click&Vote service, a digital solution for shareholders' and investors' meetings developed by the Santiago Stock Exchange and DCV.

The 28th DCV Depositors' Meeting was held on March 14. The Surveillance Committee presented a detailed report on the 2022 operational period on that day. In addition, Guillermo Tagle, Chairman of DCV's Board of Directors, thanked the depositors for the trust and support given to the DCV Evolution transformation project.

The Committee started its activities in 2022 and continued with the agreement to hold periodical videoconference meetings. Similarly, the Committee continued the ongoing contact with the Company's executives to monitor the operation of DCV and the development of the DCV Evolution Project.

The Chair of the Committee, Hugo De La Carrera, informed that during the period, the Surveillance Committee participated in seven briefings on the progress of the technology upgrade project's deployment, which updated the systems linked to the securities custody and settlement service in the Company. On the other hand, daily transactions continued being monitored at DCV to obtain information on the behavior of the process and on any major changes that could alter the normal operation of the transaction flow.

Regarding the main tasks considered in the annual planning, De la Carrera highlighted the hiring of PricewaterhouseCoopers (PwC) to evaluate the internal control systems of Depósito Central de Valores, confirm certificates, and conduct quarterly cash counts of valid instruments.

In addition, the Chairman, on behalf of the members of the Committee, thanked DCV for the trust placed during this year and for their support and professionalism in the tasks assigned, concluding that the objectives set in the 2022 activities plan were met successfully.

Guillermo Tagle, Chairman of DCV's Board of Directors

"When a company undergoes a transformation process, it changes its core, which is probably one of the most important challenges we face, especially as a technology services company. Undoubtedly, this could not have been achieved without the support of all its participants," said Guillermo Tagle.

Rodrigo Roblero Arriagada, General Manager of DCV, reaffirmed the Company's commitment: "We will continue safely managing any risks that we have in our hands, and we will provide high-quality services that continue strengthening our company."

New Board of the Surveillance Committee

In the meeting held through the digital solution for shareholders' and investors' meetings, Click&Vote, the five members of the Committee for the 2023-2024 period were chosen:

• Hugo de la Carrera P. (President)
• Oscar Mehech C. (Vicepresident)
• Américo Becerra Morales (Secretary)
• Victoria Martínez Ocamica
• José Miguel Valdés Lira

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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."

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.

"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.

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.

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.

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.

"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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