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The Research Center for Entrepreneurial Initiative-EY at IPADE Business School, in collaboration with EY Mexico and the FinTech and Scale FinTech programs of global startup accelerator Startupbootcamp, recently published the report Two-way Street: Coopetition Between Financial Institutions and FinTech Companies in Latin America.
This research publication gathers together the perspectives of different actors in the financial technology (FinTech) industry in Latin America, including banking institutions such as Visa, Banregio, and HSBC Mexico; innovation laboratories such as Fiinlab powered by Gentera; and startups that have become organizations of reference within the sector.
During the launch event hosted at IPADE, José Antonio Dávila, Director of the CiiE-EY; Eduardo Morelos, Director of Startupbootcamp; and Ignacio Aldonza, Financial Services Market Segment Leader at EY LatAm North shared some of the main findings from the publication. Rich in statistics, the study offers a general overview of the FinTech industry in Latin America.
“There are a lot of entrepreneurs that see opportunity where most people just see a pain in the neck,” said Mr. Dávila.
Two-way Street covers three categories of FinTech ventures:
- Entrepreneurs that seek to provide technology for financial institutions
- Entrepreneurs that expect to directly compete with traditional financial institutions
- Entrepreneurs that seek to redefine the model of financial institutions
The study features perspectives from a selection of startups that are benchmarks within the FinTech industry.
“A previous study showed that there about 1,100 FinTech companies have been founded in LatAm, and this activity is distributed across a series of different verticals that will transform the financial services industry, such as insurance, artificial intelligence, credit payments, blockchain, etc.” said Eduardo Morelos, Director of Startupbootcamp.
The report seeks to reflect the experiences of companies in this industry and provide details about the ongoing development of new business models. September 2018 will be an important month in terms of FinTech regulation in Mexico, as the FinTech Act is expected to establish guidelines that will provide guidance for users and players within the sector. Banks will need to develop ways to connect and collaborate with FinTech companies.
Learn more about the study in this link.
