After 15 years, Chile will host the Summit of the Asia Pacific economic cooperation (Apec) Forum. An event the host country develops throughout the year, prior to the final meeting of Governors, where a number of agreements to materialize.
Over the past decade and half, the business world has faced a series of changes, mainly associated with the digital technological breakthrough in several areas, being the financial world one of the most impacted. This has been reflected in the need, recognized by the authorities, regulate the market FinTech.
For this reason, it is a breakthrough and success covering this year the workshops that will be held in the framework of the Apec between its four priority areas an item called “Digital society”, which shows the relevance that has, both for Chile and for the rest d and the members of the Forum, create a roadmap that leads them to be responsible for the intense and rapid evolution of technology in economic activities.
But more relevant is that, in parallel with the development of this international event, should pass the processing of an initiative which aims precisely to Chile at the forefront to be a “Digital society”. This is the recent and anticipated announcement of the Minister of Finance on the shipping, just this year Apec Chile, of a draft law aimed at regulating the market FinTech.
Then, this Apec 2019 represents an excellent opportunity to share the experience of the country in the development of digital technology in the financial field with our peers in the Asia-Pacific and what we are doing right now in regulatory matters, considering that it is a fact that this year will begin processing a legislation in this regard. Moreover, the irruption FinTech in Chile is not something new, since it began in 2005 with the trading of financial derivatives business, which requires intensive use of technology and still absent regulation.
Taking into account that other Latin American members of APEC, as Mexico and Peru, lead the lead in the introduction of a legal framework that establishes clear rules for the functioning of the market, FinTech, a reverse situation occurs if we speak above the development of this activity.
Indeed, Chile recorded nearly $70 million investment in FinTech sector in 2018, exceeding the 55% the previous year, and has 4.17 enterprises with these characteristics for every million inhabitants, the highest number in Latin America.
As a result, “Digital society” has to look beyond the e-commerce, and as a host, we must take advantage of the space that gives us Apec 2019 to become a great benchmark as FinTech country and, at the same time, the regional financial hub. We are facing the Asia-Pacific, have experiences to show, seize the opportunity and do it.
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