Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the CMF authorisation, including banking and payment rails.
Get a payment license in Chile.
The most stable economy in South America licenses e-money as a non-bank issuer of prepaid payment cards: a special-purpose sociedad anónima authorised by the CMF under Law 20.950, capital of at least 25,000 UF set by the Central Bank's rulebook, a liquidity reserve and segregated funds - and, since the Fintech Act of 2023, a registration and authorisation route for payment initiators and the country's open-finance system.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Chile in brief
A card-issuer licence written by the Central Bank, and a Fintech Act on top.
Chile opened e-money to non-banks in 2016 with Law 20.950, which lets entities other than banks issue payment cards with provision of funds - prepaid cards and accounts - as sociedades anónimas especiales of exclusive purpose authorised by the CMF. The numbers sit in Chapter III.J.1.3 of the Banco Central de Chile's Compendio de Normas Financieras. Paid-in capital and reserves must be the higher of 25,000 Unidades de Fomento and a formula on the business: 1% of the funds not yet settled plus 8% of long-term and 3% of short-term invested balances. On top comes a liquidity reserve of at least 10% of the capital requirement, held in cash, deposits of up to ninety days or Central Bank and Treasury paper, and the funds received for cards stay in separate bank accounts, usable only for card payments and fees. Anonymous rechargeable cards carry a balance limit of CLP 20,000, non-rechargeable CLP 100,000, cards issued remotely CLP 500,000 unless identity is fully verified.
The CMF's procedure begins with an application for authorisation of existence - a letter to the Commission's chair with the file the regulation requires - then authorisation to operate; there is no fee and no fixed statutory period, and the Commission's own statistics showed seven non-bank issuers and six operators active by August 2022 with 2.6 million cards in circulation. The Fintech Act, Law 21.521 of 2023, added a second door: payment-initiation providers and other fintech services register with the CMF and then obtain authorisation under General Rule 502, and the open-finance system under General Rule 514 gives them the data and rails. What the licence opens is nineteen million people with the region's highest card penetration, a peso that clears through the Central Bank's own systems and the most predictable legal system in South America. Tax is 27% under the general regime with 19% VAT. We build the CMF file from our Americas desk, in Spanish.
Law 20.950 lets non-banks issue prepaid payment cards as sociedades anónimas especiales authorised by the CMF. Chapter III.J.1.3 of the Central Bank's Compendio sets capital at the higher of 25,000 UF and a volume formula, a liquidity reserve of at least 10%, segregated funds and balance limits. No application fee; no fixed period.
The Fintech Act 21.521 adds registration and authorisation for payment initiators under NCG 502 and open finance under NCG 514. 19 million people, the region's highest card use. 27% tax, VAT 19%. We build from our Americas desk.
The two routes
Prepaid card issuer - or Fintech Act registration.
Two doors from the same regulator: the non-bank issuer of payment cards with provision of funds for wallets and prepaid accounts, and the Fintech Act route for payment initiation and other regulated services. We fix the route first, then build once.
Prepaid card issuer - or Fintech Act registration.
01 - PREPAID CARD ISSUER
Emisor de tarjetas de pago con provisión de fondos
The e-money licence: a special-purpose sociedad anónima authorised by the CMF under Law 20.950, capital of at least 25,000 UF under the Central Bank's formula, a liquidity reserve of 10% or more, segregated funds and the balance limits of Chapter III.J.1.3.
The e-money licence: a special-purpose sociedad anónima authorised by the CMF under Law 20.950, capital of at least 25,000 UF under the Central Bank's formula, a liquidity reserve of 10% or more, segregated funds and the balance limits of Chapter III.J.1.3.
- ✓Prepaid cards, accounts and wallets
- ✓Capital ≥ 25,000 UF · formula on volumes
- ✓Liquidity reserve ≥ 10% of the requirement
- ✓Funds in separate bank accounts
- ✓Sociedad anónima especial · exclusive purpose
- ✓No application fee
02 - FINTECH ACT
Initiation and open finance - CMFLey 21.521 · NCG 502
The registration-then-authorisation route for payment-initiation providers and the other services the Fintech Act regulates, with the open-finance system of General Rule 514 behind it - a lighter door into the CMF's perimeter for models that do not hold client funds.
Fintech Act: register, then obtain authorisation under NCG 502; capital and guarantees per rule; open finance under NCG 514.
- ✓Payment initiation (PSIP)
- ✓Registration in the CMF register
- ✓Authorisation to provide the service
- ✓Capital and guarantees per NCG 502
- ✓Open-finance access under NCG 514
- ✓Combinable with the card-issuer licence
Costs and timelines are confirmed for your case before any work begins. Capital sits in the Central Bank's Chapter III.J.1.3 and the Fintech Act requirements in NCG 502; the file cost, the liquidity reserve and substance are itemised in your quote.
Why Chile
The region's most predictable regulator, and a licence with no fee at the door.
Chile is a destination market chosen for stability: a rulebook written by the Central Bank, a Commission that charges nothing to apply, and a population that already pays by card.
✓
A Central Bank rulebook
Capital, liquidity reserve, fund segregation and balance limits are written in Chapter III.J.1.3 of the Compendio - numbers set by the Banco Central de Chile, not by negotiation.Numbers in the Compendio.
✓
No application fee
The CMF's authorisation of existence costs nothing to file and can be requested any day of the year - the regulatory budget is the capital and the reserve, not the desk.Existence authorisation costs nothing.
✓
Card country
The highest card penetration in South America and an acquiring market opened to competition - a prepaid issuer serves habits already formed.Highest card use in the region.
✓
A Fintech Act
Law 21.521 gave payment initiators, crowdfunding and other services a registration-and-authorisation route and built an open-finance system - a modern perimeter beside the card-issuer licence.Initiation and open finance.
✓
The most stable economy in the region
Investment-grade credit, an independent Central Bank and courts that enforce contracts - the country groups pick when they want Latin America without the volatility.Investment grade, independent Central Bank.
✓
A 27% flat regime
One general corporate rate, 19% VAT and a treaty network of 30-plus agreements - the tax stack is known before the first meeting.VAT 19%, 30+ treaties.
How it compares
How Chile differs from other routes.
Chile trades a smaller market for the region's most predictable regulator and a fee-free desk. The honest comparison is below.
Chile vs other jurisdictions
| Feature |  Chile | Other jurisdictions |
|---|---|---|
| Capital | ≥ 25,000 UF - Central Bank formula | Fixed sums or unpublished |
| Application fee | None | Fees or tariffs |
| Rulebook | Central Bank Compendio + CMF circulars | Regulator practice |
| Market | 19M, highest card use in South America | Larger but cash-heavier |
Capital
Chile≥ 25,000 UF - Central Bank formula
Other jurisdictionsFixed sums or unpublished
Application fee
ChileNone
Other jurisdictionsFees or tariffs
Rulebook
ChileCentral Bank Compendio + CMF circulars
Other jurisdictionsRegulator practice
Market
Chile19M, highest card use in South America
Other jurisdictionsLarger but cash-heavier
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Chile | Prepaid card issuer (CMF) | 27% | ≥ 25,000 UF · liquidity reserve |
 Peru | EEDE (SBS) | 29.5% | S/ 2.89M · 100% in trust |
 Colombia | SEDPE (SFC) | 35% | COP 5,846M indexed · Fogafín |
 Mexico | IFPE (CNBV) | 30% + PTU 10% | 500k / 700k UDIs · segregation |
ChileLicense typePrepaid card issuer (CMF)
Taxation27%
Requirements≥ 25,000 UF · liquidity reserve
PeruLicense typeEEDE (SBS)
Taxation29.5%
RequirementsS/ 2.89M · 100% in trust
ColombiaLicense typeSEDPE (SFC)
Taxation35%
RequirementsCOP 5,846M indexed · Fogafín
MexicoLicense typeIFPE (CNBV)
Taxation30% + PTU 10%
Requirements500k / 700k UDIs · segregation
Before you apply
Requirements for the CMF authorisation.Requirements for the authorisation.
Chapter III.J.1.3 and the CMF's Circular No. 1 for non-bank issuers list what the file must prove; the craft is a file that answers them in order. The checklist below is what a passing application contains.
01
A Chilean sociedad anónima especial with the exclusive purpose of issuing payment cards with provision of funds, constituted with the CMF's authorisation of existence.
02
Paid-in capital and reserves at the higher of 25,000 UF and the Central Bank's formula - 1% of unsettled funds plus 8% of long-term and 3% of short-term invested balances - evidenced and maintained.
03
A liquidity reserve of at least 10% of the capital requirement, held in cash, deposits of up to ninety days or Central Bank and Treasury instruments.
04
Funds received from cardholders kept in separate bank accounts and used only for card payments and the issuer's fees, with the investment rules of Title IV of the chapter observed.
05
Balance limits designed into the product: CLP 20,000 for anonymous rechargeable cards, CLP 100,000 non-rechargeable, CLP 500,000 for remotely issued named cards unless identity is fully verified.
06
Shareholders and directors of good repute and financial capacity, identified to the beneficial owner, for the CMF's assessment.
07
A business plan and programme of operations the Commission can interrogate - products, volumes, projections and the technology behind them.
08
Governance, internal control and risk management to the CMF's circulars, with the operator relationships and card-scheme memberships documented.
09
AML/CFT framework under Law 19.913: customer identification, monitoring, reporting to the Unidad de Análisis Financiero and a resident compliance officer.
10
For Fintech Act services, the NCG 502 registration and authorisation files, including capital, guarantees and the open-finance connection under NCG 514.
01
S.A. especial, exclusive purpose, CMF existence authorisation.
02
Capital ≥ 25,000 UF or the formula.
03
Liquidity reserve ≥ 10%.
04
Funds in separate bank accounts.
05
Balance limits designed in.
06
Shareholders and directors assessed.
07
Plan the Commission can interrogate.
08
Governance per CMF circulars; operator agreements.
09
AML per Law 19.913 (UAF).
10
NCG 502/514 for Fintech Act services.
Reflects Law 20.950, Chapter III.J.1.3 of the Banco Central de Chile's Compendio de Normas Financieras, the CMF's Circular No. 1 for non-bank issuers, and Law 21.521 with General Rules 502 and 514, as of 2026.Ley 20.950; Cap. III.J.1.3 CNF; CMF Circular No. 1; Ley 21.521, NCG 502/514.
How it works
From first call to the CMF register.
01
Route and strategy
Card issuer, Fintech Act registration or both; products and balance limits - the route and budget fixed in writing.Issuer, Fintech Act or both - in writing.
02
Authorisation of existence
The letter to the Commission with the file the regulation requires, the special-purpose company constituted, capital and reserve evidenced.Letter, company, capital, reserve.
03
The operating file
Governance, systems, segregation, AML and operator agreements documented for the authorisation to operate - complete before filing.Complete before filing.
04
CMF review
No statutory period is set - question rounds answered and inspections passed; plan on nine to twelve months end to end.No fixed period; 9-12 months.
05
Authorisation and launch
Register entry, reserve and segregated accounts live, card schemes connected - and the reporting calendar running.Registered, reserved, connected.
Quick facts
RegulatorCMF · Banco Central de Chile
LawLey 20.950 · Cap. III.J.1.3
LicencePrepaid card issuer · S.A. especial
Capital≥ 25,000 UF · formula
Liquidity reserve≥ 10% of requirement
Application feeNone
Fintech ActLey 21.521 · NCG 502 / 514
Corporate tax27% · VAT 19%
The numbers are the Central Bank's and the desk is free. The file that answers Chapter III.J.1.3 and Circular No. 1 in order is the entire game, and our job.
Your Chile desk
Run from our Americas desk.
Prifinance - Americas desk
Madeira (Portugal) · coordinating Chilean mandates in Spanish
Rua da Alegria 31, 1F, Madeira
01
Chilean company formation
Sociedad anónima especial constituted with the CMF's authorisation of existence, capital to the UF figure and the corporate layer the Commission expects.S.A. especial, capital in UF.
02
The CMF file
Business plan, capital and reserve model, segregation design and AML documentation to Chapter III.J.1.3 and Circular No. 1 - drafted by us and defended through the question rounds.Chapter and circular answered in order.
03
Fintech Act layer
Where initiation or open finance is part of the model, the NCG 502 registration and authorisation built alongside the card-issuer licence.NCG 502 alongside the issuer licence.
04
Substance in Chile
Resident directors, a compliance officer and premises in Santiago - the presence the CMF supervises, recruited from the region's most bankable talent pool.Santiago directors, compliance, premises.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Chile.
A 27% general rate, a reduced regime for smaller companies, 19% VAT and one of the region's cleaner treaty networks.
Corporate tax 27%
The general semi-integrated regime's rate on an issuer's fee and margin income - a single figure, with credits against shareholder tax on distribution.General regime.
Pro Pyme regime
Smaller companies under the SME regime pay a reduced first-category rate - relevant to an early-stage licensee below the thresholds.Reduced for SMEs.
VAT 19%
The standard rate; financial services are largely exempt while technology and fee income may not be - the product mix is mapped before launch.Product-mapped.
Dividends abroad
Additional tax of 35% on distributions to foreign shareholders with credit for corporate tax paid, reduced under treaties - the group structure is modelled with the licence.Credited, treaty-relieved.
Treaties
More than thirty tax treaties, including most of the region and the main European and Asian partners - outbound flows are planned, not discovered.Planned, not discovered.
UF indexation
Capital and reserves are set in Unidades de Fomento, which move with inflation - the balance sheet is planned in UF, not pesos.Inflation-indexed.
Tax summary
Corporate tax27% general regime
SME regimeReduced rate
VAT19%
Dividends abroad35% additional tax, credited
Tax treaties30+
Capital unitUF - inflation-indexed
*Figures as of 2026 per the Servicio de Impuestos Internos. Regime eligibility is assessed per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Chilean sociedad anónima especial, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed institution.
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Chile · CMF
Launch your payment project in Chile with expert support.
Full-service assistance - from the special-purpose company to the CMF authorisation, reserve and segregation design, Fintech Act registration and ongoing compliance.
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Is Chile the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Chilean payment licence, answered.
What licence does a payment business need in Chile?+
For wallets and prepaid products, authorisation by the CMF as a non-bank issuer of payment cards with provision of funds under Law 20.950 - a sociedad anónima especial of exclusive purpose. For payment initiation and other Fintech Act services, registration and authorisation under Law 21.521 and General Rule 502.
How much capital is required?+
Chapter III.J.1.3 of the Central Bank's Compendio: paid-in capital and reserves at the higher of 25,000 UF and a formula - 1% of unsettled funds plus 8% of long-term and 3% of short-term invested balances. A liquidity reserve of at least 10% of that requirement sits on top.
What does the application cost?+
Nothing - the CMF states the authorisation of existence has no cost and can be requested throughout the year. The budget is the capital, the reserve and the file.
How long does the CMF take?+
The Commission publishes no fixed period for this procedure. With the authorisation of existence, the operating file and inspections, plan on nine to twelve months end to end.
How are cardholder funds protected?+
They are kept in separate bank accounts and used only for card payments and the issuer's fees, invested within the chapter's rules - with the liquidity reserve held in cash, short deposits or Central Bank and Treasury paper.
Are there limits on balances?+
Yes - Annex 1 of the chapter: CLP 20,000 on anonymous rechargeable cards, CLP 100,000 on non-rechargeable ones, CLP 500,000 on named cards issued remotely unless identity is fully verified, and no limit on named cards issued in person.
What does the Fintech Act add?+
Law 21.521 of 2023 regulates payment-initiation providers, crowdfunding, alternative trading systems, advisory, custody and routing through a CMF register and authorisation under General Rule 502, and creates the open-finance system under General Rule 514.
How are payment companies taxed?+
Corporate tax at 27% under the general regime, a reduced rate for SMEs, 19% VAT, and 35% additional tax on distributions abroad with credit for corporate tax and treaty relief.
What substance does the CMF expect?+
A Chilean special-purpose company run from Chile: resident directors, a compliance officer reporting to the Unidad de Análisis Financiero, real premises in Santiago and the licensed activity performed there.
Why Chile rather than Peru or Colombia?+
Chile is the smaller but most predictable market of the three, with a Central Bank rulebook and a free desk; Peru and Colombia are larger and less settled. Groups serving the Andean region often anchor in Chile and add the others - we sequence them.
Which licence?+
CMF prepaid card issuer (Ley 20.950) or Fintech Act registration.
Capital?+
≥ 25,000 UF or the Central Bank formula; reserve ≥ 10%.
Fee?+
None.
How long?+
No fixed period; 9-12 months.
Client funds?+
Separate accounts; card use only; reserve in cash or paper.
Balance limits?+
CLP 20k / 100k / 500k by card type.
Fintech Act?+
Initiation, crowdfunding, custody - NCG 502; open finance NCG 514.
Taxes?+
27%, VAT 19%, 35% on dividends credited.
Substance?+
Santiago directors, compliance (UAF), premises.
vs Peru / Colombia?+
Smaller, most predictable, free desk.
Client notes
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