In a story originally reported by La Tercera, the fifteen Chilean fintech firms that are part of Chile’s Fintech Association moved over US$1.8B in 2017. Of these platforms, the largest and most active is Cumplo, a crowdfunding platform that helps small businesses raise capital. Cumplo itself processes between US$7-8M in transactions monthly on its platform, while its competitor RedCapital sees monthly transactions around US$3M.
As fintech gains traction in Chile, regulators in the government are beginning to pay attention. Catherine Tornel, capital markets coordinator at the Ministry of Finance, revealed that Chile is planning to pass a fintech law soon. Chile is one of Latin America’s leaders in alternative financing, coming second only to Mexico.
Chile is looking to Mexico as a leader in the industry, especially after the latter passed the region’s most cohesive fintech law earlier this year. After Chile closed the bank accounts for the biggest cryptocurrency traders in the country, the fintech market remains on shaky ground. Before the banks closed their accounts, CryptoMKT had traded US$65M and Buda.com was moving US$15M per month.
Read more in the original article for La Tercera.