Chile’s Fintech Law Application

As Chile continues to emerge as a leading fintech hub in Latin America, its regulatory framework is evolving to support financial innovation while ensuring consumer protection and market integrity. With the enactment of Law No. 21,521 (Fintech Law) and the issuance of General Rule No. 493 (NCG 493) by the Financial Market Commission (CMF), a clear path has been established for fintech companies and investment advisors to operate within a secure and regulated environment.

Zitadelle AG is here to help you successfully navigate this complex application process, ensuring compliance and a smooth entry into Chile’s rapidly growing fintech market.

What is Chile’s Fintech Law?

The Fintech Law (Law No. 21,521), published in January 2023, regulates entities that offer financial services through digital platforms and new technologies. Its purpose is to:

• Encourage innovation in financial services

• Foster greater financial inclusion for individuals and SMEs

• Promote competition among financial institutions

• Strengthen investor and user protection

• Provide legal certainty with a “regulated and supervised” status

The law applies to a range of services, including:

1. Crowdfunding platforms

2. Alternative transaction systems

3. Credit and investment advisory

4. Custody of financial instruments

5. Financial instrument intermediaries and order routers

Registration with the CMF: What You Need to Know

Under the Fintech Law, individuals or entities offering investment advisory or related fintech services must register with the Registry of Financial Service Providers (Registro de Prestadores de Servicios Financieros). The CMF outlined the process and requirements through NCG 493, issued on February 3, 2023.

For Legal Entities:

Entities must be organized as legal persons whose exclusive corporate purpose is to provide investment advisory services. The registration process requires:

• Legal representative’s formal application

• Corporate identification (name, Tax ID, address, contact info)

• Identification of partners, directors, and principal shareholders (owning 10%+ of capital or control rights)

• Articles of incorporation and amendments (last 10 years)

• Certificate of good standing

• Declaration that the company is not under bankruptcy

• Specification of the services to be offered under the Fintech Law

• Authorization to use the SEIL (Sistema de Envío de Información en Línea) system for data transmission

For Natural Persons:

Individuals may also register directly if they:

• Provide investment advisory services only to specific individuals or legal entities

• Do not exceed 100,000 recipients in the last year via social media

• Are not subject to disqualifying circumstances under the law

They must submit:

• Identification and contact details

• Required affidavits

• SEIL authorization

Why Work with Zitadelle AG?

Navigating regulatory frameworks in new jurisdictions can be challenging — especially with evolving fintech laws. Zitadelle AG specializes in regulatory consulting and licensing support for financial service providers expanding into Chile and Latin America.

Our Chile Fintech Law Services include:

✅ Assessing eligibility under the Fintech Law
✅ Preparing and submitting registration applications to the CMF
✅ Drafting corporate documents and affidavits
✅ Ongoing compliance advisory
✅ Strategic guidance on structuring operations to meet legal requirements

Whether you're a fintech startup, investment advisor, or an established financial firm, Zitadelle AG ensures you meet every legal and procedural requirement to operate confidently in Chile's dynamic fintech ecosystem.