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The meeting brought together speakers from the Central Bank of Chile, the Santiago Stock Exchange and the Depósito Central de Valores.
On Thursday, June 4th, LatamTech, a Chilean company that capitalizes, incentives and spreads the use of transformative technologies in Latin America, gathered at this seminar representatives of three of the Chilean financial market infrastructure companies that are working to incorporate innovative technologies, such as Blockchain, Machine Learning, Data Analytics, Artificial Intelligence, among others. Accordingly, they explained how they have prepared to face the challenges of disruptive technologies.
New technologies have captured the general interest due to their transformative properties (with respect to industries), where the Chilean and global financial system have been no exception. The disruptive potential and its ability to establish new and innovative business models is its main challenge.
Miguel Ángel Musa
Leader of the Technological Observatory and TechLab of the BCCh
The beginning of the seminar was in charge of Miguel Ángel Musa, Head of the Technological Observatory and TechLab of the Central Bank of Chile, who addressed the various initiatives that have been carried out in the search and analysis of disruptive technologies, which have allowed detecting opportunities and potential impacts in the business areas of the Central Bank. "The Observatory is a catalyst for the development of knowledge and the adoption of disruptive technologies in the Institution," he added.
Javier Jara Traub
DCV's Commercial and New Business Manager
For his part, Javier Jara, DCV's Commercial and New Business Manager, mentioned the work that DCV has carried out internally, which since 2017 began to explore new technologies (such as blockchain) through a working group with other international securities depositories that today are organized under the ISSA (International Securities Services Association). At the national level, the study on the issuance of crypto bonds through Blockchain technology carried out with the Central Bank stood out. Regarding the benefits for the Chilean market, it allows shortening the term for the issuance of instruments and to model a new process that takes advantage of the benefits of Blockchain such as transparency, resilience, and immediacy. "Currently the issuance of bonds by the Central Bank involves an operation where various institutions are interconnected with fully centralized databases and information systems. This generates multiple sources of truth that require constant reconciliation to ensure the validity of transactions. Blockchain technology allows validation and conciliation processes to be carried out without the need for others," he pointed out.
Andrés Araya
Chief business officer - Bolsa de Comercio de Santiago
Finally, Andrés Araya, EVP and chief business officer of the Santiago Stock Exchange highlights that, the Santiago Stock Exchange is a multi-asset exchange being mainly a provider of technological services such as electronic routing of orders and back-office services for a stockbrokers. "Currently, the main income of the Santiago Stock Exchange comes from technology, which is why the Santiago Stock Exchange has become a technology company that provides intermediaries with different types of product. to face the digital transformation, the strategy, the people and the culture of innovation must be the base, "he added.
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