Latin American fintech companies show positive advances
A recent report by the BBVA consortium highlights the growth of Fintech initiatives in Latin America and their benefits for previously unbanked populations
The progress of fintech companies in Latin America was analyzed by the Spanish BBVA consortium on its website, through the article: “What is the state of sandboxes in Latin America?.”
The article highlights the work of fintech companies in LA, where efforts have focused on “ending the sub-banking gap in the region.” BBVA also highlighted the growth of startups and SMEs in the ecosystem of financial technologies.
At present, thanks to these advances the populations that previously they were not banked have access to new products and services.
“The so-called tech fintech’ (acronym for finance and technology) have grown in number in recent years in the region and are already quantified in 1,116 companies and initiatives, with Brazil (380), Mexico (273) and Colombia (148) in the lead,” according to the report Fintech in Latin America 2018: Growth and Consolidation “of the Bank Iberoamericana de Desarrollo (IDB) and Finnovista.
According to BBVA, business models have diversified in LA in terms of payments, remittances, loans and finance management personnel “aimed at individuals and SMEs who cannot access financing through traditional systems.”
The governments of the region have realized the importance of opening test areas, known as “sandbox” and to trace the path to a regulation and financial supervision of its activities.
M.Pino
Source: Thebtctimes.com
