Credicorp Ltd.: Tenpo Becomes Chile’s First Neobank After Receiving a Banking License

Rhea-AI Summary

Credicorp (NYSE: BAP) announced that Tenpo, its Chilean digital banking subsidiary, received final operating authorization from the Comisión para el Mercado Financiero (CMF) and becomes Chile’s first licensed neobank under the General Banking Law.

The license authorizes Tenpo to offer checking accounts, consumer loans, and term deposits. Tenpo is expected to begin operations in H1 2026, within the CMF’s one-year timeframe. More than 2.5 million existing users can upgrade to the neobank at no cost via the app. The licensing process began in Jan 2024, with provisional authorization in Oct 2024 and legal existence granted in Feb 2025.

Positive

• Tenpo became Chile’s first licensed neobank
• License authorizes checking accounts, consumer loans, term deposits
• Expected operational start in H1 2026
• Over 2.5 million users eligible to upgrade at no cost

Negative

• Tenpo will be subject to same supervisory standards as traditional banks
• Licensing process spanned ~24 months from Jan 2024 to Jan 2026
• One-year CMF deadline to commence operations imposes execution timeline

News Market Reaction – BAP

+1.73%

1 alert

+1.73% News Effect

On the day this news was published, BAP gained 1.73%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Current Tenpo users: more than 2.5 million Application start date: January 2024 Provisional authorization: October 2024 +5 more

8 metrics

Current Tenpo users more than 2.5 million Existing Tenpo digital users in Chile eligible to upgrade to neobank

Application start date January 2024 Tenpo submitted banking license application to CMF

Provisional authorization October 2024 Tenpo received provisional authorization from CMF

Legal existence granted February 2025 Tenpo was granted legal existence as a bank

Operations deadline within one year Tenpo must begin operations within CMF’s one-year timeframe

Planned launch window first half of 2026 Tenpo expected to begin bank operations in Chile

Tenpo founding year 2020 Year Tenpo was founded as a digital financial platform

Bank license types one Chile grants only one type of banking license for all banks

Market Reality Check

Price: $325.68 Vol: Volume 352,293 is 1.1x th...

normal vol

$325.68 Last Close

Volume Volume 352,293 is 1.1x the 20-day average of 319,422, indicating slightly elevated interest ahead of this news. normal

Technical Shares trade above the 200-day MA of 242.51 and sit 0.29% below the 52-week high of 322.77, reflecting a strong pre-news uptrend.

Peers on Argus

BAP gained 0.96% while key regional bank peers showed mixed, modest moves (e.g.,...

BAP gained 0.96% while key regional bank peers showed mixed, modest moves (e.g., HBAN +0.59%, CFG +0.53%, KEY -0.09%, FCNCA -0.07%). No peers appeared in the momentum scanner, supporting a stock-specific response to the Tenpo license news.

Common Catalyst Peer headlines center on small-business programs, management updates, and earnings, with no shared theme around digital banking licenses or Chilean regulation.

Historical Context

5 past events · Latest: Dec 29 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 29	Bank acquisition deal	Positive	-0.4%	BCP agreed to acquire 100% of Helm Bank USA for USD 180 million.
Dec 12	Earnings schedule	Neutral	-0.1%	Published 2026 quarterly earnings release and conference call timetable.
Oct 31	3Q25 earnings call	Neutral	-0.2%	Announced dates for 3Q25 earnings release and related conference call.
Oct 17	Quiet period notice	Neutral	-0.2%	Declared 3Q25 quiet period restricting financial-result communications before release.
Oct 10	Investor Day strategy	Positive	+1.2%	Investor Day outlined digital ecosystem roadmap and medium-term financial targets.

Pattern Detected

Recent news has mostly produced modest price reactions, with one acquisition headline seeing a slight negative divergence but strategic updates (like Investor Day) aligning positively.

Recent Company History

Over the last few months, Credicorp has focused on strategic expansion and investor communication. The Oct 10, 2025 Investor Day outlined a future-ready ecosystem and coincided with a 1.18% gain. Subsequent quiet-period and earnings-call notices in Oct–Nov 2025 generated small, neutral reactions. The announced agreement to acquire Helm Bank USA for USD 180 million on Dec 29, 2025 saw a slight -0.36% move. Today’s Tenpo banking license fits this pattern of strategic regional expansion, now focused on digital banking in Chile.

Market Pulse Summary

This announcement marks a key regulatory milestone as Tenpo becomes Chile’s first licensed neobank u...

Analysis

This announcement marks a key regulatory milestone as Tenpo becomes Chile’s first licensed neobank under the General Banking Law, with operations expected in the first half of 2026. More than 2.5 million existing users can transition into a full banking relationship, expanding Credicorp’s digital reach. Recent history shows a focus on regional growth and digital transformation, so Tenpo’s license fits that trajectory. Investors may monitor user migration, product uptake in checking and consumer loans, and future disclosures on profitability and capital needs in Chile.

Key Terms

neobank, banking license, operating authorization, comisión para el mercado financiero (cmf), +4 more

8 terms

neobank financial

"Tenpo becomes the first licensed neobank in Chile under the country’s General Banking Law."

A neobank is a type of bank that operates entirely online without physical branches, offering financial services through smartphones or computers. It provides a convenient, often lower-cost alternative to traditional banks, focusing on easy-to-use digital tools for managing money. For investors, neobanks represent innovative financial providers that can quickly adapt to changing technology and customer needs, potentially offering growth opportunities in the digital banking space.

banking license regulatory

"Tenpo becomes the first licensed neobank in Chile under the country’s General Banking Law."

A banking license is the official permission from regulators that lets a company operate like a bank — take customer deposits, make loans, and process payments. For investors it matters because holding this license changes a firm's business model, brings stricter oversight and capital rules (like safety checks), and grants access to services such as central bank facilities and payment networks, all of which affect profitability, risk and growth potential.

operating authorization regulatory

"has received its operating authorization from the Comisión para el Mercado Financiero (CMF)"

An operating authorization is an official permission from a government or regulator that allows a business to run a facility, sell a regulated product, or offer a controlled service. Like a driver’s license or a building occupancy permit, it shows the company meets required safety, quality, or legal standards; for investors, it matters because losing or lacking this permission can block revenue and increase legal and financial risk.

comisión para el mercado financiero (cmf) regulatory

"authorization from the Comisión para el Mercado Financiero (CMF), Chile’s financial markets regulator."

A government agency that oversees and enforces rules for banks, securities markets, insurance companies and other financial firms; it aims to keep markets fair, transparent and stable. For investors, the regulator acts like a referee and scorekeeper—making sure companies report accurate information, preventing fraud, and stepping in to limit systemic risk—so rules and rulings from the agency can affect confidence, prices and the safety of investments.

general banking law regulatory

"first licensed neobank in Chile under the country’s General Banking Law."

The set of statutes, regulations and supervisory rules that govern how banks operate, take deposits, lend money, manage risk and handle customer funds. Think of it as the house rules for banks—defining what they can do, how much capital they must hold, and how they are overseen—which matters to investors because these rules shape a bank’s safety, profitability and growth prospects and can change the competitive landscape or cost of doing business.

checking accounts financial

"offering core banking products such as checking accounts, consumer loans, and term deposits."

A checking account is a bank account used for everyday payments and cash access—think of it as a digital wallet that holds deposits, lets you write checks, use a debit card or set up bill payments, and typically offers little or no interest. For investors it matters because balances and flows into checking accounts reveal household and business cash availability, influence consumer spending and bank profitability, and act as a barometer of short-term financial health in the economy.

consumer loans financial

"offering core banking products such as checking accounts, consumer loans, and term deposits."

Consumer loans are sums of money lenders provide to individuals for personal use—examples include credit cards, auto loans, student loans and personal loans—which borrowers repay with interest over a set period. For investors, they matter because they drive income and risk for banks and finance firms: steady repayments are like reliable sales that support profits, while rising defaults are like unpaid bills that can cut earnings and signal economic trouble.

corporate venture capital financial

"regional strategy we have been developing through Krealo, our corporate venture capital arm"

Corporate venture capital is when a large company invests money into startup businesses or new ideas to support innovation and explore new markets. It allows the big company to benefit from fresh technologies and trends, much like a seasoned investor funding promising projects. For investors, it can signal a company's focus on future growth and its willingness to take strategic risks.

AI-generated analysis. Not financial advice.

Milestone positions Credicorp-backed Tenpo as the first digital-native bank authorized to operate in Chile.

Lima, Jan. 20, 2026 (GLOBE NEWSWIRE) -- Lima, Peru – January 20, 2026 – Credicorp Ltd. (NYSE: BAP), the leading financial services holding company in Peru with operations in Chile, Colombia, Bolivia, Panama, and the United States, today announced that Tenpo, its digital banking subsidiary in Chile, has received its operating authorization from the Comisión para el Mercado Financiero (CMF), Chile’s financial markets regulator.

With this approval, Tenpo becomes the first licensed neobank in Chile under the country’s General Banking Law. The license authorizes Tenpo to operate as a regulated bank offering core banking products such as checking accounts, consumer loans, and term deposits. Tenpo is expected to begin operations in the first half of 2026, within the one-year timeframe established by the CMF.

Chile’s regulatory framework grants only one type of banking license, which means Tenpo will operate under the same supervisory standards and requirements as any traditional bank in the country.

“This is a landmark moment for Chile’s financial ecosystem. It highlights how innovation and technology can expand access to financial services in an agile, secure, and customer-centric way,” said Gianfranco Ferrari, CEO of Credicorp. “Beyond the local impact, the milestone reflects the transformative potential of solutions that respond to evolving user needs with a differentiated and sustainable value proposition. At Credicorp, we will continue to support this path with a long-term vision, driving financial inclusion and creating more opportunities for millions of Chileans.”

Mr. Ferrari added, “It also reinforces the regional strategy we have been developing through Krealo, our corporate venture capital arm, which supports scalable initiatives aligned with our purpose of improving lives and accelerating the changes our countries need.”

The licensing process began in January 2024, when Tenpo submitted its application to the CMF. It received provisional authorization in October of that year, was granted legal existence in February 2025, and has now received final authorization to operate.

As a bank, Tenpo will expand its offering with innovative financial products in addition to its existing digital services. These include checking accounts, consumer loans, and time deposits. More than 2.5 million current users will be able to seamlessly upgrade to the neobank experience at no cost, directly through the app.

“Today is a historic day for Tenpo and for banking in Chile,” said Fernando Araya, CEO and Co-Founder of Tenpo. “It has been nearly 20 years since a new retail-focused bank was created in our country. We are proud to become Chile’s first neobank. This milestone allows us to build a broader financial offering and become a benchmark in financial innovation, supporting people at every stage of their lives and building long-term trust.”

Founded in 2020, Tenpo has become a key player in Chile’s financial system in just five years. With a fully digital, technology-first model, it has rapidly grown its user base and disrupted the market with a customer-centric approach that prioritizes inclusion, simplicity, and transparency.

About Credicorp
Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama and United States. Credicorp has a diversified business portfolio organized into four lines of business (“LoBs”): Universal Banking, through BCP and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp. Additionally, it complements its operations through Krealo, its Corporate Venture Capital arm.

For further information please contact the IR team:

Investorrelations@credicorpperu.com

Investor Relations
Credicorp Ltd.

FAQ

What did Credicorp (BAP) announce about Tenpo on January 20, 2026?

Credicorp announced Tenpo received final CMF authorization and became Chile’s first licensed neobank.

When will Tenpo (BAP) start banking operations in Chile?

Tenpo is expected to begin operations in H1 2026, within the CMF’s one-year timeframe.

What banking products can Tenpo (BAP) offer after licensing?

The license authorizes Tenpo to offer checking accounts, consumer loans, and term deposits.

How many Tenpo users can upgrade to the neobank experience?

More than 2.5 million current users can upgrade to the neobank at no cost through the app.

What is the regulatory implication for Tenpo now that it is a bank (BAP)?

Tenpo will operate under the same supervisory standards and requirements as traditional banks in Chile.

What was Tenpo’s licensing timeline reported by Credicorp (BAP)?

The process began in Jan 2024, provisional authorization came in Oct 2024, legal existence in Feb 2025, and final authorization in Jan 2026.