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Chile’s BancoEstado Ends Dispute with the Fintech Company Floid

The fintech company Floid has reached an agreement with BancoEstado. Specifically, the state-owned company said in the statement that it committed to “evaluate the technological solutions that may allow Floid to operate provided that such technical possibility does not mean diminishing, attenuating or affecting the security and operational continuity of BancoEstado.”



The dispute started between Khipu and BancoEstado after the fintech company filed an appeal for protection against the state-owned company for preventing users from using this payment solution to process their transactions in commerce. But there are also other fintech companies that have been blocked by the state-owned company. One of them was Floid. That is, until now, because the bank announced that it has sealed an agreement so that this fintech company can operate on its platforms.

In a statement, BancoEstado said that it “sealed a satisfactory working agreement with the open banking technology platform Floid, after holding a series of conversations in order to provide a more secure service to the bank’s customers who use this platform.”

Read more about BancoEstado and its new agreement with the fintech company Floid, and be the first to find the most important business headlines of the day with our companion app Born2Invest.

BancoEstado and Floid reach an agreement

They added that “this agreement is a reflection of the permanent willingness to dialogue that BancoEstado has expressed with the different fintech companies, with the aim of developing a framework of self-regulation that allows the development of these companies and at the same time to comply with the security requirements that the bank has been implementing for the benefit of its clients in terms of cybersecurity”.

BancoEstado’s vice-president, Pablo Correa, commented: “We are very pleased to have reached this first agreement. We want to thank Floid for the work developed together. We hope that more technology firms will join us in this path of creating an ecosystem that will allow us to raise cybersecurity standards, protect our customers and develop the Fintech and open banking ecosystem.”

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Pablo Correa added that “this understanding is a clear proof of BancoEstado’s willingness to reach an agreement with all fintech companies, always with the main objective of safeguarding the security of our customers.”

For his part, the executive director of FinteChile, Ángel Sierra, commented: “We applaud this first step taken by Banco Estado with fintech companies. The next step is to publish the agreement reached with Floid. After all, this agreement begins to set a precedent in the industry and the entire financial system deserves to know about it and discuss it.”

Specifically, the state-owned company said in the statement that it committed to “evaluate the technological solutions that may allow Floid to operate, provided that such technical possibility does not mean diminishing, attenuating or affecting the security and operational continuity of BancoEstado, nor the security of its clients.”

According to the same press release, Alfonso Maira, co-founder and CEO of Floid, said that “the agreement will allow them to return to operate in a secure and stable manner with all those people who seek through the companies we work with, to obtain better conditions or financial products.”


(Featured image by lebastias via Pixabay)

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First published in LaTercera, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Andrew Ross is a features writer whose stories are centered on emerging economies and fast-growing companies. His articles often look at trade policies and practices, geopolitics, mining and commodities, as well as the exciting world of technology. He also covers industries that have piqued the interest of the stock market, such as cryptocurrency and cannabis. He is a certified gadget enthusiast.