Chile - Financial Sector Assessment Program : Digital Financial Inclusion

Chile has achieved high levels of financial inclusion relative to its level of economic development across a number of headline indicators. Unlike in other countries, gaps in account ownership between men and women, rich and poor, older and younger...

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Main Authors:	Cohen, Charles, Dijkman, Miquel
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2022
Subjects:	FINANCIAL INCLUSION DIGITAL FINANCIAL SERVICES ONLINE PAYMENT FINTECH BILL INNOVATION COMPETITION CHILEAN MICROENTERPRISE MICROSAVINGS NATIONAL FINANCIAL INCLUSION STRATEGY (NFIS) DATA PRIVACY AND SECURITY
Online Access:	http://documents.worldbank.org/curated/en/099440107152219110/P17202003745650ea0811e02f3df054d83c http://hdl.handle.net/10986/37747

id	okr-10986-37747
recordtype	oai_dc
spelling	okr-10986-377472022-07-23T05:10:35Z Chile - Financial Sector Assessment Program : Digital Financial Inclusion Cohen, Charles Dijkman, Miquel FINANCIAL INCLUSION DIGITAL FINANCIAL SERVICES ONLINE PAYMENT FINTECH BILL INNOVATION COMPETITION CHILEAN MICROENTERPRISE MICROSAVINGS NATIONAL FINANCIAL INCLUSION STRATEGY (NFIS) DATA PRIVACY AND SECURITY Chile has achieved high levels of financial inclusion relative to its level of economic development across a number of headline indicators. Unlike in other countries, gaps in account ownership between men and women, rich and poor, older and younger consumers, and rural consumers are not pronounced. Remaining challenges in financial inclusion include pockets of underserved segments and opportunities to further increase in online payments and digital financial services (DFS). There is also opportunity to improve the availability of savings, credit, and account products that are appropriately tailored to meet the needs of underserved consumers. Greater digitalization of the financial sector can help Chile to address some of the remaining challenges for financial inclusion in Chile. Several key elements of a well-functioning DFS ecosystem could be strengthened. At a broader level, the Fintech Bill should be passed to allow for greater innovation and competition in the financial sector. A range of opportunities exist to build off of Chile’s relatively advanced national payments infrastructure to help further expand in low-value retail payments and digital payments. There are indications that interest rate caps have inadvertently constrained access to finance for Chilean microenterprises. Legal and regulatory reforms could be considered to encourage microsavings. Banco Estado has played a huge role in advancing financial inclusion in Chile. To move to the next stage of financial inclusion, it is recommended that a national financial inclusion strategy (NFIS) be developed that is holistic and comprehensive. 2022-07-22T18:24:36Z 2022-07-22T18:24:36Z 2022-04 Report http://documents.worldbank.org/curated/en/099440107152219110/P17202003745650ea0811e02f3df054d83c http://hdl.handle.net/10986/37747 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Latin America & Caribbean Chile
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	FINANCIAL INCLUSION DIGITAL FINANCIAL SERVICES ONLINE PAYMENT FINTECH BILL INNOVATION COMPETITION CHILEAN MICROENTERPRISE MICROSAVINGS NATIONAL FINANCIAL INCLUSION STRATEGY (NFIS) DATA PRIVACY AND SECURITY
spellingShingle	FINANCIAL INCLUSION DIGITAL FINANCIAL SERVICES ONLINE PAYMENT FINTECH BILL INNOVATION COMPETITION CHILEAN MICROENTERPRISE MICROSAVINGS NATIONAL FINANCIAL INCLUSION STRATEGY (NFIS) DATA PRIVACY AND SECURITY Cohen, Charles Dijkman, Miquel Chile - Financial Sector Assessment Program : Digital Financial Inclusion
geographic_facet	Latin America & Caribbean Chile
description	Chile has achieved high levels of financial inclusion relative to its level of economic development across a number of headline indicators. Unlike in other countries, gaps in account ownership between men and women, rich and poor, older and younger consumers, and rural consumers are not pronounced. Remaining challenges in financial inclusion include pockets of underserved segments and opportunities to further increase in online payments and digital financial services (DFS). There is also opportunity to improve the availability of savings, credit, and account products that are appropriately tailored to meet the needs of underserved consumers. Greater digitalization of the financial sector can help Chile to address some of the remaining challenges for financial inclusion in Chile. Several key elements of a well-functioning DFS ecosystem could be strengthened. At a broader level, the Fintech Bill should be passed to allow for greater innovation and competition in the financial sector. A range of opportunities exist to build off of Chile’s relatively advanced national payments infrastructure to help further expand in low-value retail payments and digital payments. There are indications that interest rate caps have inadvertently constrained access to finance for Chilean microenterprises. Legal and regulatory reforms could be considered to encourage microsavings. Banco Estado has played a huge role in advancing financial inclusion in Chile. To move to the next stage of financial inclusion, it is recommended that a national financial inclusion strategy (NFIS) be developed that is holistic and comprehensive.
format	Report
author	Cohen, Charles Dijkman, Miquel
author_facet	Cohen, Charles Dijkman, Miquel
author_sort	Cohen, Charles
title	Chile - Financial Sector Assessment Program : Digital Financial Inclusion
title_short	Chile - Financial Sector Assessment Program : Digital Financial Inclusion
title_full	Chile - Financial Sector Assessment Program : Digital Financial Inclusion
title_fullStr	Chile - Financial Sector Assessment Program : Digital Financial Inclusion
title_full_unstemmed	Chile - Financial Sector Assessment Program : Digital Financial Inclusion
title_sort	chile - financial sector assessment program : digital financial inclusion
publisher	World Bank, Washington, DC
publishDate	2022
url	http://documents.worldbank.org/curated/en/099440107152219110/P17202003745650ea0811e02f3df054d83c http://hdl.handle.net/10986/37747
_version_	1764487831642701824

Chile - Financial Sector Assessment Program : Digital Financial Inclusion

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