UK Cambridge fintech experts visit Chile to share regulatory expertise
Cambridge Centre for Alternative Finance (CCAF) explore the possibility of establishing a fintech hub in Latin America, possibly in Chile.
Mr. Ravi Vig, Head of the Financial Hub Initiative at the Cambridge Centre for Alternative Finance (CCAF).
After a successful intervention at Chile Day London, held in September, the Cambridge Centre for Alternative Finance (CCAF) visited Santiago in October 2019 to carry out an intense programme of engagement with regulators, policymakers and businesses.
The visit culminated with a keynote speech at a yearly finance and economics seminar hosted by ICARE, an influential business association, where the CCAF shared the stage with Chilean ministers, senior policy makers and business leaders.
The British Embassy Santiago hosted Mr Kieran Garvey, Policy and Regulation Lead, and Mr Ravi Vig, Head of the Financial Hub Initiative at the CCAF.
The visit revealed there is much admiration in Chile for the UK regulatory standards and policies. The CCAF used the visit to explore the possibility of establishing Fintech hub in Latin America, possibly in Chile. This would support the formulation of fintech friendly policies across the region, particularly within the Pacific Alliance ecosystem, which already explores issues of regulatory coordination among jurisdictions.
The CCAF team also met with the Chilean Fintech Association, which was interested in the UK approach to crowdfunding and how the association can better contribute to the policy process.
Financial technology seminar
Rocio Fonseca, Head of Innovation at the Chilean Development Agency, CORFO, and Kieran Garvey, Lead of Policy and Regulation, Cambridge Centre for Alternative Finance.
The team’s activities in Chile also included a Seminar at the British Residence, and a networking cocktail. The seminar’s title was ‘Financial technology: boosting innovation and entrepreneurship’, designed to set a discussion beyond the technical aspects of fintech, towards its contribution to financial inclusion, better consumer experience and competition in the provision of financial services.
Members of the seminar panel were:
- Rocio Fonseca, Head of Innovation at the Chilean Development Agency, CORFO
- Alfie Ulloa, Executive Secretary of the National Commission for Productivity
- Kieran Garvey, Lead of Policy and Regulation, Cambridge Centre for Alternative Finance
Attending were businesses, public sector officials, researchers and the heads of the 2 financial regulators.
At the event, Ambassador Jamie Bowden, said.
The UK’s strength is that it has one of the most sophisticated and varied fintech ecosystems, with excellent access to capital, talent and, crucially, a strong and supportive regulatory environment. Fintech is boosting innovation in the UK, generating opportunities and contributing US$7 billion to the country.
The UK is keen to share its experience with Chile, but at the same time, we are keen to learn from Chile’s own response to the challenges posed by fintech, acknowledging there is no single recipe, and adequate regulation is an ongoing discussion even in the UK.
The final day of engagement was dedicated to the Ministry of Finance, where the CCAF engaged in a regulatory discussion with the technical groups in charge of fintech, and explored regional opportunities for collaboration, particularly within the Pacific Alliance. The authorities were keen to see Cambridge set up their hub in Chile, and help accompany the policy process of regulation.
Further information
Contact Gabriel Henriquez, Trade and Economic Policy Officer, Prosperity Section, British Embassy, Santiago for more details about this visit.
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