The president of the Venezuelan Banking Association, Pedro Pacheco, estimates loan portfolio growth of between 40% and 45 % thanks to strategies implemented by the banking sector to reactivate formal financing.

According to the official, “many economists and analysts say that this is insufficient for what the country needs. It’s true, because we are starting from a low base, but we shouldn’t underestimate the fact that 45 % growth is a significant increase.”

Pacheco says that bank financing represents approximately 3 % of GDP. “The private sector’s plan is for intermediation levels to climb to 20 % in the medium term and eventually reach 50 %, a trend that aligns with the Latin American regional average.”

The banking sector is taking steps to recover and reach out to corporate and individual clients in order to anticipate market opportunities “before the macroeconomic environment fully stabilizes.”

He acknowledged that credit limits remain below the ideal scenario; however, the current trend is favorable thanks to the increase in credit card limits and other available financing instruments.

M.Pino

Source: bitacoraeconomica

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Pedro Pacheco, president of the Venezuelan Banking Association (Asobanca), declared this Monday, in an interview for Unión Radio, that the country must prioritize the restructuring of the external debt so that the necessary loans can enter.

According to Pacheco, “Venezuela is a tremendous highway if we look at it in the next few years, and we have to work based on that potential that is still there.”

For the development of the nation, strategy and human talent are required, in addition to investment in technology, added the president of Asobanca.

Regarding this last point, he pointed out that “the Bank is working on these aspects, including granting loans to entrepreneurs, using what is called big data to make these decisions.”

Other areas in which investment should also be made, according to Pacheco, are the electricity and water supply services; in hospitals, schools, among others.

During the interview, Pacheco emphasized the need to resolve the issue of default: “you cannot go and ask for a loan if you are in arrears with that person,” he concluded.

M.Pino

Source: bancaynegocios

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Venezuela continues to advance in the application of digital technology in its banking system, where transactions in this modality are at 99.1 %.

The president of the Venezuelan Banking Association, Pedro Pacheco: “We are in an extraordinary moment,” when addressing the issue of new technologies, ethics and regulation.

He argued that although the country is lagging in the technological field, initiatives have been applied to counteract what he considers “a decade of disinvestment.”

Pacheco was optimistic about the digitalization of the banking apparatus, stating that there is “a rebirth and an awareness of the need to catch up” on technological issues and Banking has a fundamental role.

The national banking system “has been making strong progress on issues that we had lagged behind, such as contactless,” he added.

He noted that in June the Superintendency of Banking Sector Institutions (Sudeban) published regulations to regulate the opening of digital bank accounts, as well as electronic contracts, biometric security system, among others.

Pacheco highlighted that in Venezuela, “99.1 % of digital transactions exceed the in-person operation of going to an agency. The (transaction in) agency practically today means less than 1%.”

Regarding financial inclusion, the president of the Venezuelan Banking Association indicated that “84 % of Venezuelans have a bank account. “We are leaders in Latin America when it comes to inclusion and banking.”

It is estimated that by the end of 2024, 70 % of operations will have reached contactless points of sale.

M.Pino

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La entrada Digital transactions in Venezuela are about to reach a 100 % apareció primero en Bitfinance.

The president of the Venezuelan Banking Association, Pedro Pacheco, pointed out that by the end of 2024 between 75 and 80% of banks will have implemented contactless technology and that by the beginning of 2025 its incorporation is expected to be 100 %.

Pachecho gave the information during an interview for Unión Radio, and “advanced that the initial limit of the card will be $20 to speed up the process and evaluate how it works.”

The official clarified that if the user spends more than $20, the system will ask for the password and that as the amounts increase, the demands will be greater.

Facilitating transactions and offering greater security to national banking users is the focus of technological initiatives by national authorities.

M.Pino

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In the opinion of Pedro Pacheco, president of the Banking Association of Venezuela (ABV), the massification of credit in the country will take time.

In an interview with Unión Radio on March 7, the president of the ABV indicated: “The solution to the lack of credit in Venezuela involves stabilizing macroeconomic policy and restructuring the external debt, since the country defaulted in 2017.”

According to Pacheco, it is necessary to first resolve, or at least work on it in parallel, the problem of default. Likewise, large capital is required, the restructuring of the debt and that “the terms of how it will be paid be stated.”

Until these crucial issues are addressed, “financing will be very restricted.”

Although credit increased 90 % in the last year, it is insufficient. Pacheco mentioned that currently a credit card “can have a limit between $100 and $150,” which is very little.

In this sense, he said that since the end of 2023, the review of the limit amounts of credit cards began. And although different national banks have already made adjustments, the limit is still insufficient.

M.Pino

Source: finanzasdigital

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Within the framework of the LI Annual Meeting of Consecomercio, the main partner of the firm PWC (PriceWaterhouseCoopers) Pedro Pacheco explained that the incursion of technology in business is a mega trend that must be evaluated in detail by entrepreneurs in Venezuela to specify the scopes and benefits that could generate today.

Pacheco lists eight fundamental technologies that, in his opinion, Venezuelan entrepreneurs should consider in their businesses:

• Artificial intelligence (AI): The combination of programmed algorithms allows the execution of activities inherent to human intelligence such as voice recognition, visual perception, and decision-making.
• Augmented reality (AR): The addition of information or images to the physical world, through a transposition of graphics and audio, optimizes the experience of users in a specific activity.
• Blockchain: Allows data to be stored through software algorithms to track and confirm transactions that are almost impossible to falsify.
• Drones: These unmanned aerial vehicles that can be remotely controlled or move automatically are useful in areas such as security and commerce.
• Internet of things (IoT): Through the interconnection of different everyday objects through the internet, a digital network of objects is created made up of sensors, connectivity software and computing capacity that are invaluable in the collection and exchange of data through Internet.
• Virtual reality (VR): Specialized equipment or hardware intended as an immersive experience would serve as a pillar for research and education.
• 3D printing: The additive manufacturing technique used in the creation of three-dimensional objects by superimposing layers of materials is a valuable contribution to sustainable development.
• Robots: They help in the different tasks that humans execute according to the parameters established, generally, in a computer program.

Venezuelan reality

For the PWC Venezuela specialist, it is important that entrepreneurs take into consideration both the transformations and trends that are developing in the world, as well as the limitations or difficulties that arise in the Venezuelan environment.

He considers that among the main challenges facing the country is the need to reduce the gap between the skills and abilities of workers and the demands of the new reality, emphasizing the need to accelerate the training and qualification of personnel to achieve a sustainable future.

M.Rodríguez

Source: bancaynegocios

La entrada Fundamental technologies for business in Venezuela apareció primero en Bitfinance.