Fintoc and Fintonic reach agreement with BancoEstado

The conflict between the fintech industry and Chile's BancoEstado could come to an end. In the last few days, several digital finance companies have been unable to conduct business with Chile’s national bank after it imposed a new cybersecurity standard. This particularly affected the companies Fintoc and Fintonic.

The bank immediately opened negotiations with the Spanish fintech, Fintonic, and the Chilean fintech, Fintoc, with whom the bank signed agreements that will allow them to establish a framework and operate in a secure manner.

Pablo Correa, vice president of BancoEstado, highlighted the new agreement, stressing that the bank aims to continue its dialogue with companies in this sector to achieve a solid relationship with the fintech sector. "These agreements demonstrate our determination and that our main concern is to ensure our clients the same levels of security that they find in BancoEstado," Correa stated in a press release.

The law firm Honorato Delaveau advised Fintonic and Fintoc in the negotiation with BancoEstado. The agreement will allow both companies to carry out open banking with Chile’s state-owned bank. The team that conducted the negotiations was led by partner Matías Langevin, with the support of senior associate Carolina Veas.

"The slow progress in the modernization of the banking system has generated several problems, including this one. However, the players in the industry have shown a willingness to move forward with the new regulations. The fast and effective resolution between the parties marks a new way to open markets," said the firm.

Fintoc connects users' bank accounts to applications that automate banking processes, make transfers, and verify payments, among other things. Fintonic is an application that makes it easier to obtain loans, offers commission-free accounts, and helps to manage savings. It is the first Spanish fintech authorized by the Bank of Spain.