Under the Banking Act  foreign banks not licensed in Chile may grant to specific client's loans, provided that they do not engage in Deposit Taking Activities.

To perform promotional and marketing activities, foreign banks must establish representative offices. Pursuant to Article 33 of the Banking Act, foreign banks require the prior authorization of the CMF to establish representative offices in Chile. Such authorization allows representative offices to act as business agents for their main offices in order to market and promote their banking services. However, these representative offices may not perform activities reserved to banks licensed in Chile.

Generally, the provision of services based on Fintech technologies, can only be carried out by local or foreign entities duly authorized by the CMF and registered in the Financial Service Providers Registry carried by the CMF. Exceptionally,  in certain circumstances, Fintech services rendered from outside Chile on a reverse solicitation basis may be exempted from licensing requirements.