Colombia’s fintech industry will experience positive progress in 2025, setting the trend in the payments sector, with innovation and consolidation of current systems.

If 2024 was a good year thanks to the transformations in the region in terms of technological innovation and a regulatory environment, 2025 will be one of the trends.

One of them, with important advances, is tokenization and decentralized finance (DeFi). According to the report by the international consulting firm Boston Consulting Group, “the tokenization of real-world assets could represent a business opportunity of 600 billion by 2030, equivalent to 10% of the world’s GDP. In Colombia, the adoption of tokenization is growing, with initiatives that seek to democratize investments and diversify portfolios.”

Another trend will be experienced in the areas of digital payments and QR solutions. In this sense, it is appropriate to mention the figures of the Association of Fintech Companies of Colombia, where more than 50% of Colombians use some type of digital payment, such as payments through WhatsApp, digital wallets and QR codes.

This sector is followed by the so-called Open Banking that facilitates interoperability between banks and fintechs. This allows consumers to access a variety of financial products in a more efficient and personalized way.

The country will also experience greater adoption of Web3 and cryptocurrencies thanks to trust in “decentralized technologies and greater participation in the global digital economy.”

M.Pino

Source: laopinion

(Reference image source: Austin Distel on Unsplash)

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A study carried out by Backbase, a banking platform, and Americas Market Intelligence (AMI), revealed that 75 % of young people between 18 and 21 years old consider that neo-banks and fintech offer more attractive services for the young population than traditional banks in Latin America.

Mijael Feldman, executive director of Getxerpa, highlighted that with the emergence of fintech companies, competition and user demands for personalized services increased, where products are offered according to the profiles and preferences of each client. That is why “banks have to jump on the digitization bandwagon, with differentiated proposals.”

With the Application Programming Interface (APIs), or application programming interface, financial institutions are able to integrate user data and structure service offers according to their preferences and needs and thus improve services.

In Latin America, the law requires, in article 76 of the Fintech Law, more than 2,200 financial entities, fintech and even the Credit Bureau to provide information through APIS, which is classified into three types: open financial data, aggregates and transactional.

Opportunities for the financial sector

The traditional financial sector in Latin America has great opportunities beyond offering services digitally”. According to the information provided by Finerio Connect, 68 % of Mexican companies predict that open banking will promote the growth of the financial sector, 65 % that it will create greater competition and 92 % of the companies surveyed observe that associations with open banking providers banking will be successful.

The director of operations for the Americas of BPC, Mauricio Fernández, considers that the role of the user of open banking must be actively responsible. “The client is the owner of his data.”

While the users of the banking system want to have access to additional services. According to Backbase, “65 % of respondents want products that help consolidate savings and optimize finances and 72 % expect to use loyalty points or receive discounts when shopping online.”

For Mijael Feldman, banking must be digitized and it is not just moving services to the cloud. It is necessary to provide new digital channels for its users, as well as new products.

M. Rodríguez

Source: eleconomista.com.mx

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Venezuelan banking faces the biggest challenges in innovation developments in an environment that constantly redirects strategies for the best and greatest provision of financial services.

The term Open Banking refers to a business model that encompasses the systematization and exchange of data in the financial ecosystem. It is commonly developed through the use of application programming interfaces (APIs) as pillars of digital transformation, their integration with new actors in service provision and the end user as the central axis of innovation in the financial system.

Banco Plaza, Banco Universal is a financial institution with great strength in Venezuela, recognized in 2018 as the fastest growing private bank in the country and one of its main competitors in the services offered by private banking, thanks to its strategy focused on customer, innovation and its openness towards the development of new business models.

For its part, the Venezuelan Association of Fintech and New Technologies – Fintech Venezuela –, established in Venezuela since 2018, has oriented its efforts from the development of collaboration and integration schemes between the different actors of the Fintech ecosystem and their approach to the end user through training and teamwork, consolidating its efforts beyond our borders. Today it has + 400 members and specialized Chapters of Open Banking, Payment methods and Training. In addition to being a member of AFI (Latin American Fintech Alliance) and recently became a Provider of the Amazon Web Services AWS Activate program. Offering its members the possibility to request the AWS Activate Portfolio package with the Association ID to obtain credits in the AWS cloud.

This alliance has allowed the creation of new business lines that have resulted in the support of a project proposed by the Fintech Society of Venezuela “Fintech Venezuela”, called INTERFINTECH, in which thanks to the use of the technological platform provided by the company Ab4cus Tecnología Fintech companies will be able to connect with each other and connect with the services of Banco Plaza, thus generating the first Inter Fintech payment system in Latin America.

“Without a doubt, we continue to show that in Venezuela we have the talent and desire to continue building the country we want, from action, teamwork and collaboration,” said María Elena Machado, founder and executive director of the Venezuelan Fintech Society and New Technologies.

M.Pino

With information from the Venezuelan Society of Fintech and New Technologies

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