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Uruguay ranks ninth among the 18 countries in the regional ranking of financial technology companies. Beyond the number of companies, compared to Brazil for example, the number of platforms has more than doubled in one year.
The report published Wednesday by the Inter-American Development Bank (IDB) and Finnovista "Fintech" in Latin America, 2018: Growth and Consolidation "identified 1,166 companies of financial companies based on technological platforms (fintech), which which reflects a growth of 66% since the first evaluation carried out by the two organizations a year ago
on three projects are already at an advanced stage of development, and the fintech activity has grown from 15 to 18 Over the past year, according to the trend observed in 2017, Brazil is the country with the largest number of companies with 380, followed by Mexico with 273, Colombia with 148, Argentina with 116 and Chile with 84. Uruguay was ranked ninth with 28 platforms, but it had a volume growth of 133% and was in sixth place with the fastest growing fintech of the year. [1965] 9002] The paper indicates that if you compare the growth rates recorded by different platforms in the region compared to a year ago, countries can be grouped according to their increase among those who had a very high performance ( greater than 100%), high (more than 50%), average (less than 50%) and those who recorded a negative performance.
The 1,166 companies identified in the region are spread across 11 sectors of financial technology activity. Among them, three stand out as the most representative. The main payments concern payments and remittances with 285 platforms and 24% of the total, followed by loans with 208 and 18% and the management of corporate financing with 181 and 15%.
Regulations Required
According to the IDB in general, experience shows that a specific regulatory framework is required for fintech activity. They should include "new mandates and powers for regulators, the creation of new registered and authorized activities in the regulatory perimeter and interagency coordination," he said.
For the preparation of the report, conducted a survey of 397 fintech of the region and was asked about their perception of the regulation of the activity in Latin America and the Caribbean. In the case of Uruguay, 42% of respondents said the regulation was adequate. 26% responded that there was no specific regulation and that it was mandatory; 16% that the regulation is very lax and 11% that it is excessive. The remaining 5% understood that there was no adequate regulation and that it was not necessary either.
In general, 9% of respondents felt that specific regulation was not necessary at present, while 35%, if necessary, and 35%. that the current regulation is adequate. This, for the IDB, reflects the progress made in some jurisdictions in the area of regulation.
Conclusions
In the last chapter, the study indicated that it was clear that the inevitable digitization of the financial sector was opening the door for entrepreneurs to accelerate innovation and change the way people have up to now interacted with his financial services. He noted that many people in the region "are responding to these opportunities by offering new services and innovative business models in all segments and with a special focus on the proper service of different customers".
"The relevance of this situation is exacerbated when it is taken into account that these young companies are better adapted to the current changes in demographics and user behavior, while meeting the expectations of traditional actors of the system have not yet come up. " [19659002] At the local level, the Uruguay Fintech Chamber was created early last year and includes most of the platforms identified in the report. Among these are Paganza (recently in disagreement with the bank Itaú who decided to no longer work with the application), Inversionate, Socius, Prezzta and TuTasa, among others.
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