A few days ago we told you that a new Argentine Fintech known as Ualá had arrived in Mexico, which seeks to bank the Mexicans who do not have access to these products, in addition to providing an option to be able to make digital purchases all over the world, a situation that has increased due to the Covid-19 pandemic. But Ualá has not been the only Fintech that has sought to expand and reach more markets, and this has caused more and more people in Latin America to have access to this type of financial technology.
As mentioned by the Financial Times, a 2019 report by the firm Ernst & Young revealed that Colombia is the country with the highest rate of adoption of financial technology in Latin America, so probably this year the numbers have even increased even more.
The signature reveals that Colombia has 76% of its population that uses financial technology services, obtaining an annual growth of 120%.
Latin America urgently needs to adopt more financial technologies
At the time, Ualá mentioned that the challenge of reaching Mexico is due to the fact that conditions in our country are very similar to those in Argentina, since in the case of his native country 51% of the inhabitants did not have access to a system payment that was not effective before its launch in 2017, while in Mexico, 47% of users still do not have a bank account.
We mentioned the above because Pierpaolo Barbieri, CEO and founder of Ualá revealed that the conditions of Mexico and Argentina are similar to those of the rest of Latin America, which is why it is urgent that more Fintech take advantage of the situation to bring financial technology to people that they cannot obtain debit cards, credit and other products with traditional banks.
The Financial Times reports that statistics such as those of Colombia are what have helped investors have invested more than a billion dollars in the industry in the last 3 years. In the case of Colombia, the source mentions that they find this market quite attractive because it has a history of stable macroeconomic policy, in addition to having one of the most popular startups in recent years, Rappi.
On the other hand, Colombia has the first agreement in all of Latin America that allows emerging companies in the financial sector to experiment with business models without complying with all the requirements of a traditional financial services license, yes, as long as these companies are under the supervision of a regulator.