A large part of Chile’s growth story has been the conservative regulation of its banks: the country has avoided bank and debt crises that have stymied the other large economies in past decades.
But that conservatism can hold back innovation, and the number of fintech launches has been noticeably lower in Chile than in other large markets in the region.
The financial portability law could be the spark that changes that.
By making it much easier and cheaper for businesses and retail customers to switch providers of bank accounts, credit cards, loans and mortgages, the central bank is lowering the barrier to entry.
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