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

Source: eldiariodeguayana

(Reference image source: Unsplash+, in collaboration with Oleg Ivanov)

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

The official dollar closes this Monday, February 26, at 36.07 bolivars, according to the publication on its website by the Central Bank of Venezuela.

The parity rate of the dollar with respect to the bolivar is established each day by the BCV at the close of operations at the exchange desks of the participating banks.

The next update will be known tomorrow, Tuesday, February 27.

Atención🔵|| El tipo de cambio publicado por el BCV es el promedio ponderado de las operaciones de las mesas de cambio de las instituciones bancarias. Al cierre de la jornada del día Lunes 26-02-2024, los resultados son:#MercadoCambiario #BCV🇻🇪 pic.twitter.com/pivwemdEkp

— Banco Central de Venezuela (@BCV_ORG_VE) February 26, 2024

M.Pino

Source: Banco Central de Venezuela

(Reference image source: BCV, archive)

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La entrada Price of the BCV dollar this Monday, February 26 apareció primero en Bitfinance.

The Central Bank of Venezuela publishes the price of the official dollar in the country for this Tuesday, February 20, placing it at 36.29 bolivars.

The exchange rate for purchase and sale operations in the country is set by the BCV at the close of daily operations at the exchange desks.

The next update will be known tomorrow, Wednesday, February 21, through the publication of the BCV.

Atención🔵|| El tipo de cambio publicado por el BCV es el promedio ponderado de las operaciones de las mesas de cambio de las instituciones bancarias. Al cierre de la jornada del día Martes 20-02-2024, los resultados son:#MercadoCambiario #BCV🇻🇪 pic.twitter.com/Ym9IffLJvb

— Banco Central de Venezuela (@BCV_ORG_VE) February 20, 2024

M.Pino

Source: Banco Central de Venezuela

(Reference image source: BCV, archive)

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La entrada Quote of the BCV dollar for this Tuesday, February 20 apareció primero en Bitfinance.

Between January and June 2023, Bancamiga established itself as the leading institution in deposits with the highest growth in private banking market share, with 2.22%. Additionally, it reported for the first semester of the year, a level of return on equity of 148.33%, positioning itself as the most profitable financial entity in the country.

Ariel José Martínez, executive president of Bancamiga Banco Universal, said that Bancamiga is consolidating more and more strongly in the large stratum of the National Banking System with the results obtained in the first half of 2023.

Between December 2022 and June 2023, Bancamiga skyrocketed the acquisition of new clients, with a 25 % growth in its portfolio, it is reported in a statement from the financial institution.

Thus, Bancamiga Banco Universal has shown sustained growth given the constant adaptations to new banking trends and market needs, with innovation in its products and services.

Martínez, stated that at the close of June 30, 2023, Bancamiga had the best semester in its young history, all supported by a specific program of policies and strategies, with products and services that adapt to the demands of the customer and society. Venezuelan.

The executive president of Bancamiga affirmed that “these results have enabled all indicators of the banking business to soar.”

Public captures

In the area of ​​deposits, it was the bank with the highest growth this semester, with a market share in total deposits that amounted to 7.04 %. This figure reflects a 1.30 % increase in the Venezuelan Banking System (SBV) and a relative increase of 123.52 % in the amount reflected in total deposits, which allows Bancamiga to be positioned as the large stratum institution nationwide with higher relative growth.

Regarding deposits in national currency, it was the bank that reflected the greatest increase in market share of private Venezuelan banking with 1.04 %, reaching 6.19 % and 3.47 % of Venezuelan private banking and SBV, respectively, obtaining 1,490.93 million bolivars, a variation of 205.85 % for the first semester; the largest recorded in this category.

In relation to foreign currency deposits, Martínez indicated that it was also the bank that grew the most in the entire banking system in market share with 2.44 % and a relative variation compared to the previous semester of 28.14 %.

This translates into the highest percentage growth of the large banking stratum. In the private sector, it has a market share of 17.78 % and 10.66 % in the system in general, which places it in second place in the SBV in “current accounts, free convertibility exchange system”.

“And if something goes hand in hand with the structural, absolute and relative growth of total deposits in national currency and foreign currency, it is the number of clients and accounts,” he said.

From December 31, 2022, to the end of the first half of this year, the bank skyrocketed the acquisition of new clients, with a 25 % increase in its client portfolio and 1.2 million open accounts. This is driven by the opening in the last 18 months of 16 new agencies to reach 45 business units nationwide.

Equity, assets and profitability

Bancamiga reported at the end of June 2023 a level of return on equity of 148.33 %, positioning itself as the most profitable financial entity in the country, which translates into a growth of 100.71 percentage points.

“And it is that, in this first half of 2023, equity reflected an increase of 136.47 % in relative terms, which made Bancamiga the first private bank in this area.”

The gross financial margin achieved an increase of 439.67 % when compared to the last semester of 2022, which was favored by the better income from the credit portfolio with an increase of 306 % in relation to the previous closing.

At the end of June, Bancamiga’s assets were ranked fifth in the private ranking in that category and consolidated in the large stratum of private banking with a market share of 3.54 %.

“Bancamiga reached first place in this area in terms of relative growth of the large stratum of Venezuelan banking with a variation of 99 %, higher than that of the system that presented a semi-annual rate of 72.52 %.”

Gross loan portfolio

Martinez, executive president of Bancamiga, pointed out that the gross loan portfolio reflected a percentage increase of 154.06 % at the end of June. This reflected the greater relative growth this year in the large stratum of Venezuelan banking.

He highlighted that delinquency remains at a low level of 0.33 %, compared to the average for private banks, which was 0.59 %. And with a credit intermediation index of 99.37 %.

For this second semester, Bancamiga expects to continue strengthening the strategic objectives, among which Financial Strength and Business Management stand out.

It is important to highlight the fact that the shares that make up the Share Capital of Bancamiga Banco Universal C.A. They are registered in the National Securities Registry, and they were registered both in the Caja Venezolana de Valores and in the Caracas Stock Exchange under the BAA listing, with plans to start trading on the billboard for this second semester hand in hand with the Bank’s Strategic Planning in 2023.

To continue consolidating the success of this first half of 2023, it is planned to launch new products and lead the bank in the number of points of sale, which by the end of the semester exceeded 130,000 POS.

“These brilliant results can only be achieved with the effort, commitment and dedication that our employees offer to Bancamiga and the country every day in order to underpin the bank’s growth and therefore build a better Venezuela together. Total gratitude to our clients for the trust and loyalty poured into this institution.”

With information from Bancamiga

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La entrada Bancamiga is the most profitable and fastest growing financial institution apareció primero en Bitfinance.

To further facilitate customer transactions, Bancamiga Banco Universal offers businesses an additional option to boost their sales through Interbank Mobile Payment: C2P.

This collection service from a business to a natural person can be done through Internet Banking or directly from the Bancamiga Point of Sale, the banking institution reported in a statement.

“The process is fast, secure, and customers don’t need a debit card to pay. It is also cheaper because customers with accounts at Bancamiga Banco Universal do not apply commissions when the transaction is made at Punto Bancamiga. And since there is less use of cash, the problems with the change are reduced, ”says the communication.

To collect payments through the web, all you have to do is go to www.bancamiga.com and click on the C2P button, which will direct you to the Admin Payments platform. Entering is very simple. “You only have to enter your legal customer identity document (eg J-XXXX) and the password you use to enter Bancamiga online”.

If you are the owner of the legal account, you enter through the Administrator option. If you belong to the organization or company and you have been given a username and password, enter from the Box Office option, continue with the descriptive text.

To generate a C2P payment, the merchant must request the following information from the client:

• issuing bank
• ID number
• Cell phone number affiliated with the Interbank Mobile Payment
• Amount of the operation
• C2P key

In the case of Bancamiga customers, the C2P code or key is obtained when entering Bancamiga Suite and then Mobile Payment. The key lasts for 3 hours.

Admin Payments offers you the following benefits

• View all payments made
• Reverse C2P collection operations
• Observe all your sales via Mobile Payment in real time

And if the business needs to give change, with the use of this platform the process is easy and immediate. It only requires the ID number, telephone number and the bank of the client of the establishment or business.

The legal person interested in using C2P to receive payments for sales of goods and services also has the option of doing so through the Bancamiga Point of Sale, following the steps below:

• Select C2P and the name of the bank
• Select the type of document and enter the ID number
• Enter the phone number
• Enter the amount
• Enter the OTP key
• confirm the quantity

With this initiative, Bancamiga will allow for easier collection, optimizing the processes and resources of the commerce sector.

With information from Bancamiga

La entrada Bancamiga promotes and makes C2P transactions very simple apareció primero en Bitfinance.

In a country where the management of foreign exchange transactions continues to grow significantly, Apóyame, an exclusive Bancamiga service, is presented as an alternative to receive dollars immediately and safely, through an encrypted platform that has the support of a financial institution, explains a statement from the banking institution.

This facility allows many Venezuelans, with the support of a family member or friends abroad, to receive resources from anywhere in the world that allow them to solve an emergency or delicate situation, and at a lower cost than an international transfer.

To receive foreign currency this way you must open a Bancamiga account and from the Internet Banking www.bancamiga.com go to the Global Position and go to the Support me button, create the request and fill in the following fields:

• The account where you will receive the funds
• The name of the person to whom it is addressed
• Your email
• The amount required

The Universal Bank explains that it should be remembered that “you must tell the person who sends you the funds, who does not need to have a Bancamiga account, to check their email to accept and respond to the Support me request.”

One of the advantages of the service is that whoever offers the support only needs to have an international debit or credit card from any bank with which they can make purchases over the Internet and identification (identity card, license or passport).

The payment process in Apóyame is very simple: the recipient only enters the email, locates the email and clicks on the button identified as Press here! Subsequently, you must complete the form, add the card information, upload the photo of your identification (identity card or passport) and process the request.

It only takes a few minutes

In a matter of minutes, the funds in dollars will be credited to the Foreign Currency account of the client requesting support. It’s as easy as making a purchase online. The commission for processing expenses is 7% plus $0.50, which is paid by the person offering the support.

This service launched last year also offers the benefit of allowing the person with a Bancamiga account to charge from Venezuela. If you have an international bank account, you can also transfer to your Foreign Currency account at Bancamiga.

With Apóyame, the client can receive up to 300 dollars every 48 hours, in a safe and fast process, the statement concludes.

If the user has any questions about how to make the Support me request, they can write to the Bancamiga Telegram: +58 414 8822622.

With information from Bancamiga

La entrada Apoyame, the Bancamiga service to receive foreign currency immediately and safely apareció primero en Bitfinance.

More and more facilities that Bancamiga Banco Universal offers its customers, reports a statement; now they can also recharge Simple TV through Internet Banking.

In this way, the Venezuelan subscription television company joins Movistar, Digitel and Inter and the Foreign Currency Card (virtual and physical).

The executive president of Bancamiga Banco Universal, Ariel Martínez, said that it is essential for the bank to offer friendly and versatile products and services that meet the expectations of its customers.

“Based on self-management, technological innovation and the best service, Bancamiga has managed to position itself among the top banks in the Venezuelan financial system. Every day we strive so that our clients have the best possibilities to grow and to make their operations more agile and simple. That is why we are permanently attentive to the demands that arise in the financial market, “he said.

The document explains that the recharge process is simple and fast: Enter www.bancamiga.com and go to Payment of services. When affiliating Simple TV it is necessary to have the access card number. The recharge can be partial or total.

With this new facility, Bancamiga customers have different platforms to cancel their services: Bancamiga points of sale, in which businesses receive a commission for each recharge; the website www.bancamiga.com and Bancamiga Suite.

The institution recently strengthened its mobile application, which gives customers the possibility of recharging the Card in Foreign Currency and the services of Movistar, Digitel, Inter, Simple TV, Puro Pago and Pago Directo.

If you need more information, you can contact Bancamiga through their networks on Telegram, Twitter, Facebook, Instagram and YouTube or call them at their service center at 0500 TUBANCA (8822622).

With information from Bancamiga

La entrada Online Bancamiga enables recharges for Simple TV apareció primero en Bitfinance.

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

La entrada Innovative Inter Fintech and Open Banking project apareció primero en Bitfinance.

Venezuelan President Nicolás Maduro announced that his administration will authorize Venezuelan banks to create accounts for payment in foreign currency and reiterated that the country is heading “towards a 100% digital economy.”

“We are going to create payment formats in digital currency, via digital, with savings accounts in foreign currency in Venezuelan banks. Savings accounts, checking accounts, in foreign currency are being authorized and people will be able to pay at the price of the currency in bolivars in the general market in the country. It means that it is an escape valve”, he said in an interview with Spanish journalist Ignacio Ramonet.

100% digital economy in Venezuela

Maduro assured that the dollar is handled in a more “open and public” way in the country for trade and for the “satisfaction of the needs of important sectors of Venezuelan life.”

Although he denied that Venezuela has a completely dollarized economy, he stressed that in the country there is no “contradiction” between dollarization and revolution, but there is “complementation” between the bolivar and the foreign currency.

The president also recognized that 3.4% of the country’s transactions were made in bolivars in cash, for which he proposed to expand the digitization of the economy to “100%”.

G. Febres

With information from national and international media and social networks

La entrada Maduro will authorize Venezuelan banks to create foreign currency accounts apareció primero en Bitfinance.