Promoting a regulation that not only regulates, but also encourages fintech was the conclusion of the online conversation "New Fintech regulation, opportunities and challenges", organized jointly by ACVC and FinteChile (FinTech Association of Chile).
On the occasion, the invited panelists, together with Francisco Guzmán, president of the ACVC, analyzed the current panorama of the Fintech Law project, commenting on its implications, scope and opportunities.
"The more financial inclusion, the bigger the cake gets," commented Angel Sierra, executive director of FinteChile, talking about the current state of the sector in the country. If this happens, it becomes a virtuous circle, he added, because "as well as competing, there is also collaboration".
Although the regulation has not yet seen the light of day, many things are already being done, so the regulation is urgent. "The sector needs to continue to grow and become more robust," Francisco Guzmán noted.
María Ignacia Jofré, co-founder of Clay and director of FinteChile, agreed, but added another point. "This is happening anyway, but it has been delayed because we do not have a regulation that pushes and motivates the sector," she opined.
Tomás Zavala, corporate manager of Consorcio, referred to how the corporate world has been opening up to this sector; an intersection that will increase strongly over time.
Angel Sierra concurred on this point. "Even the government will hire fintech in the future," he said. But he warned that for this to happen more vehicles have to be created to bring investment to the sector, both to develop it and to generate confidence. And here venture capital will have an essential role to play.
The experts agreed that regulation and financing must go hand in hand to get the sector off the ground. "Chile has everything to be a leader in the fintech world," said María Ignacia Jofré.