Banking in Chile Regulatory Changes Analysis¶
Potential Regulatory Changes¶
The Chilean banking industry operates within a dynamic regulatory environment primarily overseen by the Comisión para el Mercado Financiero (CMF) and the Banco Central de Chile. Several significant regulatory changes are currently impacting or are expected to impact the banking value chain in Chile in the 2024-2025 timeframe and beyond. These changes aim to enhance financial stability, foster competition, promote innovation, and protect consumers.
A key ongoing change is the phased implementation of Basel III standards, particularly concerning capital and liquidity requirements. The full implementation is targeted for December 2025. This global regulatory framework aims to strengthen the resilience of banks by requiring them to hold more capital and maintain sufficient liquidity buffers to withstand financial and economic stress. For the Chilean banking sector, this means banks need to adjust their capital structures and liquidity management practices to comply with the new rules.
The enactment of the Fintech Law has formalized the regulatory framework for financial technology companies in Chile. This law is a significant development that aims to provide legal certainty for fintech operations and foster innovation in the financial sector. A central component of the Fintech Law is the development and gradual rollout of the Open Finance system, anticipated to take effect in 2026. Open Finance will require banks to share customer data (with customer consent) with authorized third parties, such as fintechs, through Application Programming Interfaces (APIs). This is intended to increase competition, facilitate the development of new financial products and services, and improve financial inclusion.
Other relevant regulatory developments include the standardized methodology for calculating provisions for consumer loans, which the CMF has published. This regulation aims to ensure a more consistent and prudent approach to managing credit risk associated with consumer lending across the industry. Furthermore, the ongoing focus on Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regulations continues to impose strict requirements on banks regarding customer due diligence and transaction monitoring. The CMF also conducts an annual qualification of systemically important banks (SIBs) and sets specific requirements for them, reflecting the regulatory focus on maintaining the stability of the financial system given the concentrated market structure.
These regulatory changes collectively represent a significant shift in the operating environment for banks in Chile, influencing their capital management, risk assessment, technological investments, and competitive strategies across the value chain.
Table of Potential Impact of Regulatory Changes¶
| Regulatory Change | Potential Impact on Value Chain Stage - Funding/Resource Gathering | Potential Impact on Value Chain Stage - Financial Intermediation/Transformation | Potential Impact on Value Chain Stage - Product and Service Development & Delivery | Potential Impact on Value Chain Stage - Relationship Management & Servicing | Potential Impact on Value Chain Stage - Risk Management & Compliance |
|---|---|---|---|---|---|
| Basel III Implementation (Capital & Liquidity Requirements) | May increase the cost of certain types of funding or require diversification of funding sources to meet liquidity ratios. | May constrain lending capacity, particularly for riskier assets, due to higher capital requirements. Could influence loan pricing to reflect increased capital costs. | Limited direct impact, but could indirectly affect the types of products offered if certain products become less capital-efficient. | Limited direct impact. | Significant impact. Requires enhanced capital planning, stress testing, and liquidity risk management frameworks. Increases reporting requirements to the CMF and Banco Central. |
| Fintech Law | May lead to increased competition for deposits from fintechs offering alternative savings or investment products. | May facilitate partnerships with fintechs for specialized lending or alternative credit scoring, potentially increasing access to credit for underserved segments. Could also introduce new competitors in lending. | Drives innovation in digital product development and delivery channels. Encourages collaboration or competition with fintechs on specific product offerings (e.g., payments, wallets). | Could lead to new digital tools and platforms for customer interaction, potentially enhancing digital relationship management. May require banks to adapt their service models to integrate with fintech offerings. | Introduces new compliance requirements for interacting with fintechs and managing data sharing. Requires robust cybersecurity frameworks to protect against new digital threats. |
| Open Finance Rollout (anticipated 2026) | May increase competition for customer funds as fintechs gain access to account information and offer competing products. | Enables third parties to initiate payments or access financial data (with consent), potentially disintermediating banks in certain transactions or facilitating more tailored lending offers from competitors. | Facilitates the creation of new, integrated financial products and services through data sharing and API connectivity. Increases the need for seamless digital user experiences. | Requires banks to manage customer consent for data sharing and develop strategies for maintaining customer relationships in an open ecosystem. Provides opportunities for personalized service based on aggregated data. | Requires significant investment in secure API development and data management infrastructure. Increases focus on data privacy and security compliance. Requires robust consent management systems. |
| Standardized Methodology for Consumer Loan Provisions | Limited direct impact. | Requires adjustments to credit risk assessment models and provisioning processes for consumer loans. Could impact the profitability of consumer lending portfolios. | May influence the pricing and terms of consumer loan products. | Limited direct impact, but could influence customer communication regarding loan terms and conditions. | Direct impact on credit risk management processes and reporting related to consumer loans. Requires adherence to the new calculation methodology. |
| AML/CFT Regulations | Increases the complexity and cost of customer onboarding and ongoing monitoring for deposit accounts. | Impacts the due diligence processes for loan applications and monitoring of loan disbursements to prevent illicit activities. | Requires consideration of AML/CFT risks in the design of new products and services. | Increases the administrative burden in customer relationship management due to verification and monitoring requirements. | Significant impact. Requires robust internal controls, suspicious activity reporting systems, and ongoing training for staff. Increases compliance costs and regulatory scrutiny. |
| Regulation of Systemically Important Banks (SIBs) | May require SIBs to hold more capital against their funding activities, potentially impacting their funding strategy and cost of funds. | Requires SIBs to maintain higher capital buffers, potentially limiting their lending growth compared to non-SIBs or influencing their risk appetite. | Limited direct impact on product development, but could influence the scale of operations and thus product reach. | Limited direct impact. | Significant impact. Requires SIBs to comply with enhanced prudential requirements, including higher capital and liquidity ratios, and stricter resolution planning. Increased regulatory oversight and reporting for SIBs. |
References¶
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- CMF publishes the regulations that establish the standardized methodology for calculating provisions for consumer loans - CMF Chile - Comisión para el Mercado Financiero Chile (portal). https://www.cmfchile.cl/institucional/secciones/sala-de-prensa/novedades/novedades_banca/2024/comunicado_08032024.html
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- Grupo Security: Asesoría Financiera, Productos y Servicios. https://gruposecurity.cl/
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- CMF reports on annual qualification of systemically important banks, sets requirements - CMF Chile - Comisión para el Mercado Financiero Chile (portal). https://www.cmfchile.cl/institucional/secciones/sala-de-prensa/novedades/novedades_banca/2025/comunicado_01042025.html
- Open banking: Chilean regulation will take effect in 2026 - InvestChile Blog. https://investchile.foreigninvestment.cl/en/open-banking-chilean-regulation-will-take-effect-in-2026/