Who supervises the Fintech Law in Chile?

The Comisión para el Mercado Financiero (CMF, Chile's financial market regulator), which issues the secondary rules and maintains the register of technology-based financial service providers.

What is the Sistema de Finanzas Abiertas (SFA)?

It is the open finance regime created by the law: it lets customers authorise the exchange of their financial data between institutions through standardised interfaces (APIs), enabling aggregation, comparison and payment initiation.

The law was enacted in 2023 and its implementation is gradual through the rules issued by the CMF (including the SFA rules), with staggered deadlines. It is worth verifying the current timeline at cmfchile.cl.

Glossary · LATAM regulation · Chile

Chile's Fintech Law (Law 21,521)

Law 21,521 (Ley Fintec) is Chile's regulatory framework for technology-based financial services, supervised by the CMF (Chile's financial market regulator). Beyond requiring fintech platforms to register and obtain authorisation, it establishes the Sistema de Finanzas Abiertas (SFA, Open Finance System): Chilean open finance, with financial data exchanged via API subject to customer consent.

What it regulates

Fintech services — collective advice and financing (crowdfunding), order routing, custody and trading of instruments, with registration/authorisation before the CMF.
Sistema de Finanzas Abiertas (SFA) — open finance: data exchange and payment initiation via API, with customer consent.
Governance and risk — corporate governance, risk management and cybersecurity requirements proportionate to the activity.

The technical challenge

The SFA requires standardised, secure and traceable APIs, customer consent management and high availability — all while integrating with legacy cores that were never designed to expose data to third parties. As with REDEC, compliance is, above all, a core architecture and integration project.

How Vermont Solutions helps

API-first integration over the core

We expose the legacy core behind a secure, traceable API layer, with consent management, to comply with the Open Finance System without rewriting the core all at once.

See legacy and core modernisation →

Fuentes

CMF Chile — official site (Fintech Law)

Last updated: 2026-06-19. Editorial content by Vermont Solutions, citable with attribution. This does not constitute legal advice; verify the CMF's current rules at cmfchile.cl.