FinteChile argues the 12-month extension plus gradual implementation delays full SFA operation until 2030—6-7 years after the 2023 Fintech Law, compared to 1.3 years in UK and 1.5 in Brazil. The industry cites concrete costs: informal credit mobilizes $4B annually at 10% daily rates, while 46% of Chilean SMEs cite financing access as their main growth barrier.
La Tercera
· Jun 02, 2026
· economy
· 4 min read
High
Sourcing: Verified
FinteChile attacks CMF's Open Finance delays as world's slowest implementation
Delays perpetuate reliance on informal credit affecting 600,000+ people with predatory rates linked to organized crime, and restrict SME access to financing.
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World & Diplomacy
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Bias & Framing
⚖
Article heavily amplifies fintech industry criticism of regulatory delays with inflammatory language ('slowest in world'), presenting one-sided perspective without CMF justification or counterarguments.
Bias Direction
center-right
Confidence
HIGH
Advocacy journalism favoring fintech interests. Uses industry association's framing as primary narrative structure, emphasizes competitive disadvantage claims, and employs superlative language ('slowest,' 'weakens') that dramatizes regulatory concerns without balancing context.
el país más lento del mundo (the slowest country in the world)
debilitan la competencia (weaken competition)
dura crítica (harsh criticism)
no se hizo esperar (didn't take long to react - implies swift, justified response)
advierte (warns - creates alarm framing)
CMF's rationale for the 12-month extension and regulatory design choices
Consumer protection or systemic risk considerations justifying delays
Counterarguments from financial institutions or consumer advocates
Technical or implementation challenges that may warrant extended timelines
Analysis of whether UK/Brazil comparisons account for different regulatory contexts
Geopolitical Impact
🌎
Chile's fintech sector criticizes regulatory delays pushing Open Finance implementation to 2027, positioning Chile as the world's slowest adopter and threatening financial competition.
Escalation Risk
low
Confidence
HIGH
Chile
Latin America
Global fintech ecosystem
Regulatory authority (CMF) asserting cautious control over financial innovation, weakening Chile's competitive position relative to UK, Brazil, and other jurisdictions adopting Open Finance frameworks faster. Fintech industry losing influence in policy-making.
Similar to regulatory capture debates in financial liberalization—established institutions (traditional banks via CMF) slowing disruptive innovation to protect market position, echoing patterns from 2008 financial crisis aftermath.
Economic Lens
📈
Chile's fintech sector criticizes regulatory delays pushing Open Finance implementation to 2027, claiming it makes Chile the slowest globally and weakens financial competition.
Market Signal
bearish
Confidence
HIGH
Financial Services
Fintech
Banking
Digital Payments
Financial Technology
Consumers face delayed access to open banking benefits including improved financial product comparison, lower switching costs, and enhanced competition-driven pricing. Delayed innovation in digital financial services and reduced competitive pressure may result in higher fees and slower service improvements.
CMF faces pressure to accelerate implementation timeline and strengthen alternative mechanism requirements. Potential regulatory review needed to balance financial stability concerns with competitive market development. Risk of legislative intervention if industry consensus emerges on implementation delays harming market competitiveness.