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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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