Chile’s Tenpo Receives Banking license, Plans Expansion

Santiago, Chile – Fintech firm Tenpo has secured a definitive banking license from the Financial Market Commission (CMF), marking a significant milestone in its evolution and signaling increased competition within Chile’s financial sector. The licensing process, initiated in January 2024, concluded on January 19th, paving the way for Tenpo to operate as a fully-fledged bank – albeit a predominantly digital one.

From Prepaid Cards to Full-Service Bank

Tenpo initially gained traction as a prepaid card issuer, launching in 2020 and quickly amassing a considerable user base. This foundation, backed by Grupo Credicorp through its innovation arm Krealo, has positioned the company for rapid growth. According to Tenpo CEO and Co-founder Fernando Araya

What does Tenpo Bank’s licensing mean for Chilean consumers?

tenpo bank Secures Chile Banking License, Ready to Launch Digital Bank

Archyde.com – January 25, 2026

Tenpo Bank Chile has officially received authorization from the Comisión para el Mercado Financiero (CMF), Chile’s financial market commission, paving the way for it to become the country’s first fully digital bank. This landmark approval marks a meaningful shift in Chile’s banking landscape, promising increased competition and innovative financial services.

What Does This mean for Chilean Banking?

For years, traditional banking has dominated the Chilean financial sector. Tenpo’s entry signals a move towards greater accessibility and convenience, driven by the growing demand for mobile banking and fintech solutions. The approval allows Tenpo to operate as a fully licensed bank,offering a complete suite of financial products and services directly to consumers without the need for physical branches.

This development is particularly relevant for those currently underserved by traditional banks – a demographic Tenpo has specifically targeted. Expect to see a ripple effect as established institutions adapt to this new competitive surroundings, potentially leading to lower fees and improved digital offerings across the board.

The Tenpo story: From Card to Bank

Tenpo initially gained recognition in Chile through its popular Tenpo Card, a prepaid card designed to offer financial inclusion and control over spending. Leveraging the success of the card and a strong user base, the company applied for a full banking license, demonstrating its commitment to expanding its financial services.

The journey to securing this license involved rigorous scrutiny from the CMF, ensuring Tenpo met stringent regulatory requirements related to capital adequacy, risk management, and consumer protection. This approval validates Tenpo’s robust infrastructure and responsible financial practices.

Key Features & Expected Services

While the full scope of Tenpo Bank’s services is still unfolding, here’s what we anticipate based on their existing offerings and industry trends:

* Digital Account Opening: A streamlined, entirely online process for opening bank accounts.

* Mobile-First Banking: A user-kind mobile app will likely be the primary interface for all banking activities.

* Debit & Credit Cards: Expect a range of card options with competitive benefits.

* Personal Loans: Digital submission and approval processes for personal loans.

* Savings Accounts: High-yield savings options accessible through the app.

* Payment Solutions: Integrated payment solutions for online and in-store purchases.

* Financial Management Tools: Features to help users track spending, budget, and achieve financial goals.

Benefits of a Digital-Only Bank

The rise of neobanks like Tenpo is driven by several key advantages:

* Lower Costs: Without the overhead of maintaining physical branches, digital banks can often offer lower fees and more competitive interest rates.

* Convenience: 24/7 access to banking services through a mobile app.

* Innovation: digital banks are typically more agile and quicker to adopt new technologies, leading to innovative financial products.

* Accessibility: Reaching underserved populations with limited access to traditional banking infrastructure.

* Personalized Experiences: Leveraging data analytics to offer tailored financial solutions.

What to Expect in the coming Months

Now that Tenpo Bank has secured its license, the focus shifts to the official launch and onboarding of customers. Key milestones to watch for include:

1. App Launch: The release of the Tenpo Bank mobile application on both iOS and Android platforms.
2. Marketing Campaign: A targeted marketing campaign to raise awareness and attract new customers.
3. Service Rollout: A phased rollout of banking services, starting with core offerings like accounts and cards.
4. Partnerships: Potential collaborations with other fintech companies to expand service offerings.
5. Regulatory compliance: Ongoing adherence to CMF regulations and industry best practices.

The Future of Banking in chile

Tenpo Bank’s entry is not an isolated event. it’s part of a broader global trend towards digital banking and financial inclusion. Chile is becoming an increasingly attractive market for fintech innovation, and Tenpo’s success could inspire other companies to follow suit. This will ultimately benefit Chilean consumers by providing them with more choices, better services, and greater control over their finances.The approval of Tenpo Bank is a clear indication that Chile is embracing the future of finance.