This project is key to implementing the OFS and aims to provide clear, accessible information for citizens, technical professionals who will use the System, and its participants.
The agreement lays out contracting terms to develop the website. It is aimed at offerors with expertise in designing user experiences, user interfaces, and production of content in digital formats.
March 25, 2025 - Solange Berstein, Chairwoman of the Financial Market Commission (CMF); and Sergio Díaz-Granados, Executive President of the Development Bank for Latin America and the Caribbean (CAF), signed today a Non-Refundable Technical Cooperation Agreement to finance the development of a web platform for the Open Finance System (OFS) in Chile.
This is one of the key projects in the implementation of the OFS. It aims to provide:
- General explanatory information for citizens, with an emphasis on financial education and the relevance of personal data protection.
- Technical information for developers within institutions that participate in the OFS or are interested in joining.
- General regulatory information for OFS participants.
The agreement lays out contracting terms to develop the OFS website. It is aimed at specialized offerors with expertise in designing user experiences and user interfaces, as well as producing content in digital formats.
"The development of this website will contribute significantly to the implementation of the OFS, incentivizing end users' participation through the Citizen Section, and facilitating the flow of key information to operate the System with the Sections for Developers and Participants," stated the Chairwoman of the CMF after signing the agreement.
Open Finance System
Title II of the Fintech Act (Law No. 21,521) regulates the OFS, which allows users to securely and fluidly share their financial information to obtain better benefits and conditions in the contracting of financial services. In other words, facilitating the exchange of said information will foster greater competition in product offers and promote financial inclusion.
Pursuant to the Fintech Act, the CMF issued the regulation governing the OFS (General Rule No. 514) in July 2024. It includes issues relevant to the System's perimeter, as well as its functioning, security and information standards.
General Rule No. 514 sets forth a 24-month timeframe since its date of issuance to provide a technological preparation and development phase for tasks corresponding to OFS participants and the Commission itself. Once said timeframe lapses, the regulation will become effective gradually as of July 2026 and fully implemented no later than July 2029.
