Mexico is one of the countries where the use of cloud financial services predominates in the banking and fintech sectors. Other sectors, such as cooperatives, remain behind, but adoption continues to rise according to data from the National Banking and Securities Commission (CNBV).

In the last months of 2024, the local entity showed “greater openness to the adoption of the use of the cloud in the financial system, which, together with the investment announcements made by large providers, has led to more institutions using this technology.”

According to the CNBV, as of October, “68% of banks, as well as 56% of electronic payment fund institutions, 71% of collective funding institutions, and 58% of sofipos used cloud services.” Further behind are brokerage firms (47%), cooperatives (10%) and credit unions (0%).

Data provided by the Mexican Institute for Competitiveness, the use of cloud computing services represents a paradigm shift in the way financial institutions store and access information, since it allows “the expansion of the service offering, as well as its coverage. In short, it can be one of the pillars in the advancement of the digitalization of financial services.”

This growth has been strengthened by investments in cloud infrastructure in Mexico by companies such as Amazon Web Services, Microsoft and Google. In this regard, the director of the International Finance Corporation (IFC) of the World Bank, Raúl Nava Salazar, said that “the regulator’s openness to dialogue, a greater understanding of this technology by financial institutions and their need to be more agile in terms of financial services has led to progress in the adoption of these tools.”

Among the main benefits for financial institutions, according to Nava Salazar, is the scalability and use of resources, in addition to the analysis and processing of large volumes of information.

In Mexico, the CNBV establishes the regulations for the use of financial services in the cloud and analyzes the risks, as well as the efficiency and security benefits for users.

M.Pino

Source: eleconomista

(Reference image source: Alex Shuper for Unsplash+)

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La entrada Mexican banks and fintechs are the main users of cloud financial services apareció primero en Bitfinance.

Banks have been gradually moving towards a more agile, customer-centric model, adopting cloud-based technologies powered by artificial intelligence (AI). This emerges from the findings of the report ‘The Digital Horizon: Banking’s Shift from Mainframe to AI-Driven Cloud Infrastructure’, presented by NTT DATA, a digital business and IT services firm.

The research, which surveyed 650 leaders of financial institutions worldwide, reveals a growing collaboration with artificial intelligence and cloud services. While legacy systems based on legacy infrastructure still persist, the report highlights that 63 % of banks still operate on legacy systems, despite 89 % identifying themselves as innovators.

However, more than 60 % of respondents say that generative AI is facilitating the transition of applications to the cloud, marking a significant shift in adoption of these technologies.

The report also highlights that board support is high, with nine out of ten executives reporting that their AI and cloud initiatives are backed by their respective boards. While most banks are already integrating AI into their technologies, 30% are still in the early stages of adoption. In addition, it is highlighted that 80 percent% lack a strategic framework for the adoption of generative AI.

As for the cloud, 36 % of respondents cite flexibility and scalability as key factors for migration, indicating a shift in concerns beyond costs. On the other hand, 25 % recognise a growing trend in migration to the cloud driven by advances in AI.

José Manuel Pérez Bajo, Banking Partner at NTT DATA, commented: “Driving change, while a great challenge, is also an opportunity for banking transformation. Understanding the current landscape, the options available and recognising the barriers makes it easier to modernise technology with greater clarity and fewer risks.”

Kaz Nishihata, Director and Senior Executive Vice President of NTT DATA Group Corporation, noted that “this technological force is driving banks towards a deeper understanding of customer needs, enabling them to deliver faster, safer and more personalized services.”

K. Tovar

Source: Yahoo Finanzas

(Reference image: Hitesh Choudhary, Unsplash)

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The agenda of events in the ethereum ecosystem for Latin America begins on October 1st in Ecuador, with the ETHQuito event. An advance in the implementation of blockchain technology in the region.

The ETHQuito will serve to show the characteristics of this technology and its technological revolution. And it will be the previous step for the agenda in Colombia, with the dates already defined in this way: from October 7 to 9 ETHBogotá; then the 10th will be the new edition of the ETHLatam. They will continue from 11 to 14 with the Devcon in Bogotá, to end with ETH Medellin, in the city of the same name, from October 18 to 22.

Argentina, a country that is strongly committed to cryptocurrencies and the development of apps, services, and related platforms, will celebrate in Buenos Aires, the capital, embarking on an ambitious plan for next year based on ethereum.

According to the Criptotendencia portal, “the objective is to implement, investigate and develop around the blockchain. The government of Buenos Aires seeks to adapt to the cryptographic current and benefit citizens.”

To close the ethereum events, the last appointment will be in Panama City, between the 26th and 28th of next month, with the ETHPanama conference.

Latin America is fertile ground for the adoption of cryptocurrencies, the implementation of solutions based on blockchain technology, as well as developments in the field of tokenization and NFTs.

M.Pino

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With information from international media and news agencies

La entrada Latin America maintains ethereum events agenda in October apareció primero en Bitfinance.

Faustin-Archange Touadera, president of the Central African Republic (CAR) reported the launch, as of May 24, of the country’s cryptocurrency center called “Sango”, after the National Assembly adopted bitcoin as legal tender.

The president of RCA stated that once bitcoin is approved as the official currency, the government is working to provide the necessary infrastructure for digital currencies. “We are pleased to show the first concrete initiative”, which “Goes beyond politics and administration and has the potential to reshape the CAR’s financial system,” Touadera indicated.

According to the statement, the Sango platform was initiated by the National Assembly and has the backing of the CAR government and the president. “The Sango platform is positioned as the first crypto initiative of the CAR and is named after the second official language of the CAR after French.”

Bitcoin generates great possibilities

According to President Touadera, accepting bitcoin as legal currency offers “unimaginable possibilities for the development and transformation of the country.” Cryptocurrencies have become tools that will help shape the future of the Central African Republic. “Sango can usher in a new economic era with enormous potential, which neither Africa nor the rest of the world has imagined.”

Touadera’s greatest wish is for the platform to allow all citizens to have access to digital currencies and to be international evidence on “how the benefits of cryptocurrencies become vectors of the country’s economic performance.”

The president also stated in his statement that “building the first legal cryptocurrency center in the heart of Africa will enhance the cryptocurrency experience by taking Bitcoin adoption to the next level, potentially bringing the world’s most unconventional space.”

M. Rodríguez

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Source: ciberdivisas.com

La entrada Central African Republic launches cryptocurrency hub apareció primero en Bitfinance.

The Ministry of Information and Communications (TIC) reported that Colombia was appointed as head of the Permanent Executive Committee of the Inter-American Telecommunications Commission (CITEL) for the next four years. “The country will lead the Permanent Steering Committee of this instance for the period 2022-2026.”

The Colombian Ministry of Technology will support the dynamism and transformation of the telecommunications and technology sector in the American States, and will also be responsible for organizing the meeting of the Permanent Executive Committee of CITEL from November 30 to December 2, 2022 in its 40th edition.

Leading CITEL’s digital agenda

The functions of the CITEL secretariat include responding to regional requirements and guidelines before the internal organs of the Organization of American States, as well as maintaining the institution’s operating budget for the fulfillment of its objectives, in addition to to monitor compliance with the 2022-2026 strategic plan, which will be approved in the Assembly.

Carmen Ligia Valderrama Rojas, Minister of ICT, said: “It is an honor that we have as a country, by leading strategic issues that generate consensus in the digital agenda, in which we are committed to a digital present and future for all, which allows us to promote access, use and appropriation of information and communication technologies.”

The CITEL Assembly meets every four years and is considered the main Inter-American Forum on telecommunications, where the most important authorities in the telecommunications sector of the OAS member states participate.

M. Rodríguez

Source: larepublica.com

La entrada Colombia leads the Inter-American Telecommunications Commission apareció primero en Bitfinance.

Intercontinental Exchange (ICE), the company that owns the New York Stock Exchange (NYSE), has announced a remodeling of the management leadership of the manager of the New York Stock Exchange, which will mean the replacement from next year of the company’s president, Stacey Cunningham by Lynn Martin.

In addition to the appointment of Martin, current chair of the fixed income and data services area of the ​​ICE, the parent of the manager of the New York Stock Exchange has appointed Sharon Bowen, a director of both firms, as the new chairman of the NYSE board.

On the other hand, Mark Wassersug, ICE’s chief operating officer, will move to a new position as the entity’s chief information officer, overseeing leading technology implementations and working closely with Mayur Kapani, ICE’s chief technology officer, whom he will replace. in office.

As this happens, Stuart Williams, who is currently President of the ICE  Futures Europe, will move to the position of Chief Operating Officer, reporting to the President of the company, Ben Jackson.

“The organizations around the world adapt to a world transformed by the pandemic, and our management team evolves along with the market environment,” stated Jeff Sprecher, founder, president and CEO of the ICE.

Source: dpa

La entrada Lynn Martin named president of the New York stock exchange apareció primero en Bitfinance.

The Executive President of the Development Bank of Latin America (CAF), Sergio Díaz-Granados, and the Minister of Finance of the Dominican Republic, Jochi Vicente, have signed an agreement for the incorporation of the country as a full member of the multilateral organization. The objectives of this movement are to promote the well-being of the population, the sustainable development of the country and the progress of the Caribbean.

With the signing of this agreement, the Dominican State will have greater voting power in the governance of the institution, access to more long-term financial resources and non-reimbursable cooperation funds as a mechanism to accompany public policy decisions. “With this decision we seek to have a full presence in this important body, which offers many benefits for the country such as technical assistance and financing under favorable conditions for investment projects that we have identified as priorities,” said the Minister of Finance of the Republic. Dominican.

For his part, Sergio Díaz-Granados has highlighted that the signing of the agreement is a great step that means “a consolidation in the Caribbean, which will imply that CAF will be able from the Dominican Republic to address strategic issues for the rest of the region and in this way it fulfills the purpose of internationalization that it has.” He added that the greatest interest is for CAF to partner the Dominican Republic in its commitment to transformation and to achieving the objectives of the 2030 agenda for sustainable development.

The Dominican Republic joined CAF as a Series ‘C’ shareholder in 2004. Since then, the institution has promoted various initiatives and projects aimed at collaborating with national development plans, the most recent being the Aqueduct Expansion Project Oriental, Salinity Barrier and Transfer to Santo Domingo Norte, to be executed by the Santo Domingo Aqueduct and Sewerage Corporation (CAASD), as well as the delivery of non-reimbursable resources for the Emergency Support Program generated by Covid-19.

Currently, the institution also supports with technical assistance the General Directorate of Public-Private Partnerships (DGAPP) and the Santo Domingo Aqueduct and Sewerage Corporation (CAASD) for the strengthening of their capacities and the structuring of projects.

With the progressive incorporation of Caribbean countries into the institution, CAF will continue to promote Latin American integration, as well as the sustainability and transparency it guarantees in the execution of economic and social infrastructure projects in its member countries.

Source: dpa

La entrada Dominican Republic becomes a full member of CAF apareció primero en Bitfinance.