CMF publishes regulations governing the Open Finance System within the framework of the Fintec Law – CMF Chile

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This regulation represents a milestone for the Chilean financial market and a central stage in the implementation process of the Fintec Law (No. 21,521), approved at the beginning of 2023 and whose main objective is to promote competition, innovation and inclusion in the financial system.

The regulation, which will come into force 24 months from today, regulates the general operation of the Open Finance System (SFA), which allows people and companies to share their information in the financial system and thus access better conditions or new products and services that better respond to their needs.


July 3, 2024.- The Financial Market Commission (CMF) published today the normative which regulates the Open Finance System (SFA) of the Fintec Law (No. 21,521). This act constitutes a new and significant milestone in the implementation process of the Fintec Law, published in January 2023, and is a significant advance in the development of the Chilean financial market, placing our country at the forefront in this matter.

The SFA is a system defined by law, which allows users of the financial system to share their data securely with the aim of obtaining greater benefits and better conditions when contracting financial services. The Commission hopes that with the issuance of this regulation, the benefits expected by the Fintec Law can be realized, mainly, greater competition and financial inclusion.

Likewise, the entry of new financial service providers into the market is expected to generate greater levels of innovation in the provision of services with the benefits that this entails. All of the above will have a positive impact on enabling a greater number of people and companies – especially those underserved by the system and smaller companies (SMEs) – to access more financial products and services that better respond to their needs.

To achieve these objectives, Title III of the Fintec Law provides that institutions currently regulated in the financial system, such as banks, payment card issuers, insurance companies, fund managers, savings and credit cooperatives supervised by the CMF, among others, defined in the law as Information Providing Institutions (IPI) and Account Providing Institutions (IPC), must compulsorily join the SFA to provide the information that the user decides to share with other participating institutions, after giving their consent.

The law also regulates institutions that voluntarily decide to register with the SFA to offer financial services to users, mainly of two types: i) those services that use the information of the clients of financial institutions, which are called Information-Based Service Providers (IBSP) and ii) payment initiation services that allow direct transfers from clients’ accounts to third parties, which are called Payment Initiation Service Providers (PISP).

Therefore, the regulation is applicable to entities currently supervised by the CMF and others that will be incorporated into the regulatory perimeter, as participants of the SFA.

It is important to highlight that the development of the standard included several instances of participation and discussion of the proposals, in addition to the public consultation carried out between April 15 and May 15, 2024.

Prior to this public consultation, the CMF convened a series of consultative roundtables that enriched the discussions and the analysis necessary for the development of a standard with a high technical content.

Seven thematic roundtables were convened for the discussion of the Open Finance System between October 2023 and March of this year, attended by nearly 400 people and 141 entities were represented. Additionally, the CMF received through meetings a significant number of entities and associations that expressed their opinions and contributions to the discussion on the SFA and its implementation.

Title III of the Fintec Law regulates the SFA and sets out the matters to be regulated by the CMF. The decision of this Commission was to issue a single regulation that compiled all these matters, structured in the following sections:

  • Section I: Perimeter of the Open Finance System
  • Section II: System Operation
  • Section III: System Security and Safeguards
  • Section IV: System Information
  • Section V: Other Provisions

The implementation period of the Open Finance System will be gradual, depending on the role played by each participant within it. The first stage defined by this standard has a period of 24 months for its entry into force.

This period will be used for the adaptations required for the implementation of the SFA by each of the participants. This also includes the CMF, which will provide Directory services for the operation of the System.

In addition, during this initial period, technical manuals with specifications for the operation of the SFA will be developed.

After this period, the regulation contains an implementation schedule that begins with the progressive delivery of information that banks and payment card issuers must share within the following 18 months.

The obligation for savings and credit cooperatives supervised by the CMF, insurance companies, fund managers and compensation funds, among others, will begin in the following 18 months. Therefore, the total implementation of the regulation is estimated to take five years (see figure).

It should be noted that the progressive entry of the information to be shared for each group of institutions begins with the information on the general terms and conditions of the financial products and the service channels of the entities (all of which is public information). Subsequently, the information on natural persons is added, followed by the information on legal entities, thus considering the potential benefits of incorporating said information and appropriately weighing the implementation times.

SFA Implementation Schedule

It should be noted that the SFA regulation has been defined in three levels, the first two levels (Level 1° and 2°), contained in this standard, establish:

  1. General guidelines and safeguards required for participants
  2. Technical definitions, in terms of standards to be used for the operation of the system.

The above will be complemented by the technical specifications (manuals) or Level 3 regulations that the CMF will dictate within the first 24 months, to achieve an adequate implementation of the previously defined Level 1 and 2 regulations, which will support the interoperability of the SFA. In this process, the Commission will use the usual public consultation tools, in addition to the contribution of the Open Finance System Forum, created at the end of 2023 so that industry players can give their technical views, keeping in mind that their recommendations are not binding.

The SFA regulation is added to the one already issued by the CMF on January 12, which regulates the registration, authorization and obligations that Fintec Financial Service Providers must comply with.1.

It should be remembered that in the special section Ley Fintec From the CMF website, people can learn all the details of the Fintec Law implementation process.

Finally, it is important to note that the regulatory benefits and costs arising from the regulations will be evaluated periodically.

For more information, review the document frequent questions.


1Crowdfunding platforms, alternative transaction systems, investment and credit advisors, order routers and intermediaries and custodians of financial instruments of the Fintec Law.

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