Guerrero Olivos assisted Caja de Compensación de Asignación Familiar de Los Andes, one of the most relevant regulated private social security entities in the incorporation and registration of a special corporation with exclusive purpose, which will issue prepaid debit cards. This required prior approval and authorization of the Superintendency of Banks in a rather new type of regulated business intended to provide access to e-payment devices to a large portion of consumers who are not clients of banks or of credit card companies.
A law and a special regulation from the banking regulator allows non-banking organizations to issue prepaid debit cards. Our team is also assisting Caja Los Andes with the contractual framework necessary to operate the business of non-banking prepaid cards.
This is a very innovative work, while it is among the first incorporations and registrations of special companies in the business of issuing prepaid debit cards in Chile (as of this date, there are only two other special corporations with this exclusive purpose duly registered in the Superintendency of Banks).
Counsel to Caja de Compensación de Asignación Familiar de Los Andes: Guerrero Olivos
Lead Partner: Roberto Guerrero V. Senior Counsel: Miguel Coddou. Senior Associate: Tomás Kubick
Date of closing