According to the report "Fintech in Latin America 2018: growth and consolidation", of the IDB and Finnovista, there are 1,166 new ventures in the region
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<p>Those 1,166 new companies that have joined the existing ecosystem in Latin America represent an increase of 66% compared to the report published in 2017.
On the other hand, the results of the report indicate that two out of every three created were already in advanced stages of development in 2018.
It can also be seen that this digital industry has already expanded to 18 countries, Brazil occupying the first place, with 380 new companies, followed by Mexico with 273, Colombia with 148, Argentina with 116 and Chile with 84.
Beyond the figures, "five countries represent 86% of Fintech companies in the region, initiatives were identified in all Latin American countries. There is also a growing trend towards internationalization. This shows the opportunities that entrepreneurs are seeing , but also the importance of strengthening dialogue and harmonization at the regional level, "said Juan Antonio Ketterer, Division Chief of the IDB's Connectivity, Markets and Finance Division.
On the other hand, as regards the targets of the activity of each of these new companies, 24% are oriented to payments and remittances, followed by loans (18%) and business financial management (15%).
Added to this is the growth of digital banks and, in particular, credit rating, identity and fraud protection.
The report also points out the dynamism seen in venture capital investment, reaching record levels in the amount of financing attracted by several Fintech countries in Latin America. "The Fintech ecosystem has achieved great growth and maturity over the past year," said Andres Fontao, managing partner of Finnovista. "The Fintech opportunity is now being closely examined by leading international investors, including those in Asia, and we have the first governments that adopt specific regulatory frameworks for Fintech companies."
The importance of regulation in ecosystem development is evidenced by the fact that only 9% of Fintech companies feel that specific regulations are not currently needed, while 35% say they are necessary and another 35% believe that Current framework is adequate. This shows the progress made in some jurisdictions with respect to regulations. The report highlights the progress made through the dialogue between regulators and industry to find a framework that fosters innovation.
Gender and Fintech
The study also presents the first regional gender and Fintech analysis, examining the role of women as founders of Fintech companies, industry workers and users of Fintech services. "We discovered that 35% of Fintech companies in Latin America were founded or co-founded by women, which is well above the world average, estimated at 7%," said Gabriela Andrade, IDB financial market specialist.
"Although Fintech companies with women in the founding team operate in various areas, it is interesting to note that one in three of these companies is targeting segments of the population neglected or excluded from the formal financial sector," he added.
The report provides data that, while illustrating the challenges facing the industry, also reflect an inevitable transformation of the financial sector and the role that entrepreneurs play in accelerating innovation and changing the way people have so far interacted with services financial, TyN Magazine said.
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https://www.iproup.com/mundo-fintech/7264-finnovista-america-latina-empresas-fintech-El-sector-Fintech-ya-esta-presente-en-18-paises-de-Latinoamerica
