Tenpo joins Chile's Association of Banks and Financial Institutions

The Association of Banks and Financial Institutions (ABIF) has approved the incorporation of the fintech company Tenpo into its guild. This move follows Tenpo obtaining its banking license from the Commission for the Financial Market (CMF) in January.

With Tenpo joining, ABIF now represents 14 banks and three representative offices of foreign financial institutions in Chile. Tenpo, founded in 2020 and backed by the Credicorp group, is preparing to begin operations as a bank.

José Manuel Mena, president of ABIF, stated that the company's participation will contribute to addressing industry and national challenges, specifically regarding innovation, cybersecurity, and financial inclusion. Fernando Araya, CEO and co-founder of Tenpo, noted that joining the association is a natural evolution of the business following its transition from a technology-focused company to a licensed banking entity.