Chile continues to make progress in the implementation of its Open Finance System.

The Financial Market Commission (CMF) has issued an amendment to General Rule No. 514, incorporating Annex No. 3, which sets out the technical specifications required for the interoperable functioning of the system under the Fintech Law framework. The regulation details key elements for data sharing and payment initiation.

Among its most relevant aspects, the entry into force has been postponed until July 2027, in light of the technical complexity involved in its implementation. The amendment also introduces measures such as increased graduality, simplified participation mechanisms for smaller entities, a pilot testing period, and the prior availability of a regulatory sandbox provided by the CMF.

In this context, banks, fintechs, card issuers, technology providers, and legal and compliance teams should begin reviewing, among others:

• Technology architecture and interoperability;
• Data governance and consent management;
• Information security;
• Contracts with technology providers;
• Readiness for testing, sandbox participation, and regulated operation;
• Coordination among legal, compliance, risk, technology, and product teams.

Open Finance is not merely a financial reform, but a structural shift in how institutions will share data, design products, and compete in the market.