El Mercurio reports that Santiago’s stock exchange has long seen innovation as inseparable from the finance market. For this reason, the Santiago Stock Exchange has been supporting innovation for years and is in the final stages of creating their own startup accelerator, called Startech, to impulse innovation in the financial sector.
They plan to provide funding, workspace, and mentorship for growing fintech companies whose solutions are well-adapted to help the stock market improve its operations. The accelerator will mostly focus on companies operating in big data, blockchain, or payments services industries.
In fact, the Stock Exchange is so interested in blockchain that they have already started developing their own application using blockchain, which will be launched in May. The app is meant to help with regulation, loans, and short-term sales. This development comes as Chile has cracked down on cryptocurrency, a subject of some controversy in Santiago at the moment.
Nicolás Almazan, Head of Development and Planning at the Exchange, claims that they also plan to launch a capacity-building program for SMEs to allow them to learn more about the stock market and perhaps develop new products for market.
Read more about the plans for Startech in El Mercurio.