Tanner Digital Bank Receives Provisional Authorization from CMF

Published 24 days ago

Chile’s Financial Market Commission (CMF) announced that Tanner Servicios Financieros S.A., the future parent company of Tanner Digital Bank, has received provisional authorization to proceed with its establishment as a banking entity.

Meeting the Requirements

According to the General Banking Law, the authorization process for a banking entity involves three stages: provisional authorization, existence authorization, and operational authorization. Tanner Digital Bank completed the first stage of this process by demonstrating the credibility and integrity of its founding shareholders, as well as presenting a business development plan for the first three years of operation.

The Path to Existence and Operation

With the provisional authorization in hand, Tanner Digital Bank can now prepare for its constitution as a banking company. Following the successful completion of this stage, the bank will seek existence and operational authorization where it must prove its compliance with legal and operational requirements to the CMF.

The application submitted by Tanner Digital Bank is the first to be considered by the CMF Board since its integration with the former Superintendency of Banks and Financial Institutions in 2019.

In the coming months, Tanner Digital Bank will continue to work towards meeting the regulatory standards set by the CMF, paving the way for its full establishment as a banking entity.