Chile’s plans to grow tech-based financial services: CBDCs and digital payments
Chile’s new Fintech Law promotes competition and financial inclusion through innovation and technology in the provision of financial services. With the expansion of fintech, non-traditional players have entered the payments market. Central banks have responded by exploring regulatory frameworks and new technologies that can both manage risk and foster innovation.
Alberto Naudon, member of the board at Banco Central de Chile, joins OMFIF to explore medium- to long-term strategies for digital payments and an open financial system in Chile, as well as the implications of the new law for stakeholders and products regulated by this initiative. We discuss the Chilean retail payments system, possible motivations for a retail central bank digital currency and design principles for its potential implementation. The regulatory framework for more participants of the ecosystem and the role of the central bank are also discussed.
Central Bank of Chile
Central Bank of Chile
ALBERTO NAUDON DELL’ORO is Board Member of the Central Bank of Chile since March 2018. Before his appointment to the Board and since September 2014, he was Director of the Research Division of this Institution.
He is a Commercial Engineer from the Pontifical Catholic University of Chile, where he received the Raúl Iver award as the best graduate among his 2000 classmates, and holds a Master’s Degree and PhD in Economics from the University of California at Los Angeles, USA.
He joined the Research Division of the Central Bank as an Economist in 2000, where he served as Chief Economist and then as Head of the Macroeconomic Modeling and Forecasting Department. In 2013, he held the position of Chief Economist at Banco de Crédito e Inversiones, where he worked for one year.
Among his academic activities he has been a professor at the University of Chile, the Pontifical Catholic University of Chile, the University of Los Andes, and the Adolfo Ibáñez University, teaching courses in the areas of Macroeconomics, Econometrics and International Economics.
He has also researched and published several papers on monetary policy and financial issues.