Chile Approves Shinkansen As Second Payment Clearinghouse
In an industry breakthrough, Chile’s Comisión para el Mercado Financiero (CMF) has authorized fintech Shinkansen, established in 2022 by Leo Soto, Ubaldo Taladriz, and Francisco Larraín, to operate as a low-value payment chamber. This move places Shinkansen in direct competition with the current market’s sole participant, the Centro de Compensación Automatizado (CCA), owned by Banco de Chile, Santander, and Bci.
Shinkansen, positioned to disrupt traditional payment infrastructures, is initiating its venture in two phases. Initially, the firm aims to simplify transactions for financial entities, promising cost and time efficiency. Future plans involve deeper financial infrastructure innovations such as cell number payments, flexible transfer limits, and instant mass payments, reflecting ambitions to significantly enhance electronic fund transfers. The company has invested heavily, including a regulatory requirement of a minimum capital of US$ 500,000.
Drawing inspiration from Brazil’s PIX system, Shinkansen aspires to revolutionize instant payment systems in Chile. Established by Brazil’s Central Bank in 2020, PIX represents a pivotal model for Shinkansen’s strategy. Similar to PIX, Shinkansen intends to leverage modern technology to facilitate speedy, nearly instantaneous money movement and debt settlement among financial institutions. This strategy aligns with the broader trend of digital transformation within the financial sector.
