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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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