Tenpo has officially received its operating license from the Commission for the Financial Market (CMF), marking its transformation into Chile's first neobank. This landmark approval concludes a comprehensive regulatory process, positioning the fintech company to reshape the nation's financial landscape. For its more than 2.5 million users, this development signals the arrival of an expanded suite of fully digital banking services.
A New Era for Chilean Banking
The CMF's final authorization certifies that Tenpo has met all legal and operational requirements to function as a bank. Backed by the financial conglomerate Credicorp, this achievement represents the first new bank charter focused on individuals in Chile in approximately 20 years. The move is poised to introduce a new wave of digital-first competition into the established banking sector.
Fernando Araya, CEO and Co-Founder of Tenpo, described the approval as a historic day for both the company and the country's financial system. He emphasized the neobank's commitment to providing a broader range of simple, transparent, and secure financial products. Araya stated that the goal is to become a benchmark in financial innovation while building long-term trust with customers.
Expanded Services and Customer Transition
With its new banking license, Tenpo is set to progressively roll out an expanded portfolio of financial products. This new offering will include checking accounts, consumer loans, and term deposits, complementing its existing digital wallet and payment services. The expansion aims to provide a comprehensive and integrated banking experience entirely through its digital platform.
The company has assured its large customer base that the transition to the new neobank will be a smooth and optional process. Existing users can choose to migrate their accounts at no cost, managing the entire evolution directly from the Tenpo app. This user-centric approach reaffirms Tenpo's commitment to a simple and transparent customer experience.
The Regulatory Journey and Future Outlook
Tenpo's path to becoming a bank involved a rigorous, multi-stage process overseen by Chile's financial regulator. The journey began with the submission of its license application in early 2024, followed by provisional authorization and an authorization of existence. The company will now operate under the same stringent regulatory framework as all other banks in the country.
Following the CMF's approval, Tenpo has a maximum of one year to formally launch its banking operations, with the company targeting a 2026 start date. Its business model will remain entirely digital, forgoing physical branches in favor of a technology-driven, personalized user experience. This strategy is central to its mission of accelerating digital and financial inclusion across Chile.
Tenpo's successful acquisition of a banking license represents a pivotal moment for financial innovation in Chile. The company is now uniquely positioned to challenge traditional banking models by offering a fully digital, accessible, and user-friendly alternative. As the nation's first neobank, its launch is expected to foster greater competition and significantly advance financial inclusion for millions.