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The report also revealed that two out of three companies are already in an advanced stage of development and that Fintech business has spread to 18 countries over the last year. Following the trend observed in 2017, Brazil is the country with the largest number of companies (380), followed by Mexico (273), Colombia (148), Argentina with 116 and Chile (84). ).
In addition, one in three companies report having expanded their business beyond national borders. "Although five countries account for 86% of the region's financial technology companies, companies have been identified in each of the Latin American countries and a growing trend towards internationalization is evidence of opportunities perceived by entrepreneurs, the importance continue to strengthen regional dialogue and harmonization"Said Juan Ketterer, head of the IDB's Connectivity, Market and Finance Division.
The main activity sector remains payments and remittances, accounting for 24% of identified activities, followed by loans (18%) and corporate finance (15%). It also highlights the rapid growth of digital banking segments and, mainly, credit rating, identity and fraud.
The report also highlights the dynamism observed in corporate capital investments, reaching record levels in terms of the amount of financing raised by several Fintech companies in Latin America. "The growth and maturity of the Fintech ecosystem in Latin America during the last year are worth noting", Comments Andrés Fontao, managing partner of Finnovista."The opportunity of financial technologies is already on the lookout for major international investors, including Asians, and we have the first governments that have already adopted specific regulatory frameworks for financial technologies."
The importance of regulation in ecosystem development is evident in the sense that only 9% of respondents believe that specific regulation is not necessary at present, while 35% believe that if necessary and 35% believe that the current regulation is adequate, reflecting the progress made in some jurisdictions in terms of regulation. In this sense, the report highlights the progress made through the dialogue between regulators and industry to promote the search for an environment conducive to innovation.
Gender and Fintech
This report also presents the first regional analysis on gender and financial technology, examining the role of women as a founder of Fintech companies, a financial technology worker and a user of Fintech services. "We found that 35% of Fintech companies in Latin America have a founding wife or a woman in the founding team, a figure well above the global average estimated at 7%."Said Gabriela Andrade, financial markets specialist at the IDB."Although Fintech companies with women in the founding team operate in several sectors, it is interesting to note that one in three companies focuses on segments of the formal financial sector that are under or excluded."
The report provides a series of data that, while showing the challenges facing the sector, reflect the inevitable transformation of the financial sector and the role played by entrepreneurs to accelerate innovation and change the interactions of the economy. population. Up to here with financial services.
The first FINTECH report: Innovations you did not know came from Latin America and the Caribbean was released in May 2017.
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