Chile & North Andean Research: Weekly Brief: Bond vs. Equity markets; Tenpo’s (Credicorp) debut in Chile; PIX’s operator in Chile; Fintech “Prex” in Peru

Research evidence excerpt

Chile & North Andean Research: Weekly Brief: Bond vs. Equity markets; Tenpo’s (Credicorp) debut in Chile; PIX’s operator in Chile; Fintech “Prex” in Peru

Chile & North Andean Research UBS Research

The Week Ahead: Key Macro Data

FigureSource:Bloomberg,2: Key macroReuters,dataUBS estimatesin Latin AmericaKey

Colombia: Headline and Core CPI (% y-o-y)Colombia:UBS Forecast: 0.37% m-o-m

UBS Forecast: 0.37% m-o-m

Newsflow Highlights: What Moved the Tape?

Chile

Tenpo's final preparations to debut as a neobank: it will hold a soft launch

with a limited group of customers (link)

After six years operating in Chile, Tenpo—a company controlled by Peruvian

financial group Credicorp—has entered the final stage before launching in the

banking industry, following the receipt of the required regulatory approvals.

In January 2026, the Comisión para el Mercado Financiero (CMF) authorized

the company to operate as a bank, making it the first 100% digital player to

obtain a banking license in Chile. In April, Credicorp informed the U.S.

Securities and Exchange Commission (SEC) that, once technical and

operational preparations are completed, “it is expected by the third quarter

of 2026” that Tenpo Bank will become subject to the full prudential regulatory

framework applicable to banks under Chilean law. Accordingly, the company is

now finalizing the last steps to begin operations during the second half of

2026. As Tenpo Bank CEO Fernando Araya explained to DF, operations will start

during the third quarter with a pilot phase aimed at “a limited group of

clients, to verify that everything is working properly, and subsequently, it will

be expanded to the full client base.” Tenpo currently has more than 2.6

million clients, of whom approximately 300,000 already use a credit card.