In Latin America, Colombia has the highest rate of financial technology adoption

Financial Times highlighted the progress made by Colombia’s fintech

Colombia has the highest rate of financial technology adoption in Latin America according to a 2019 Ernst & Young report. This was reported by Colombia’s Fintech, taking into account a recent publication by the Financial Times. The report showed that Colombian Fintechs are filling banking gaps in the region.

From Colombia Fintech said: „Financial Times highlighted the progress made by Colombian fintechs and said that their work helps to fill the banking gaps generated in Latin America. Throughout the publication, the media reports on the success stories of companies that have entered this business niche and highlights examples such as the Chilean company Movizzon, which moved its headquarters to Bogotá, considering it a city that allows it to connect with clients from all over the region, due to its geographical location“.

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They then added that – also according to the Financial Times – Antonio Arancibia, co-founder of Movizzon, highlighted that Colombia has an attractive ecosystem for the development of the fintech industry.

„An Ernst & Young report from 2019 found that Colombia has the highest rate of ‚financial technology adoption‘ in Latin America, with 76% of its population using financial technology services and the industry growing at 120% per year,“ the Financial Times detailed.

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Investors and statistics
On their official website, Fintech from Colombia emphasized some numbers that they consider important, and that have to do with investments and statistics.

In this scenario, they specified that statistics such as those of Ernst & Young have led investors to invest more than USD 1 billion in the industry in the last three years, of which some USD 300 million were obtained during the first five months of the pandemic, according to information from Fintech Colombia highlighted by the British newspaper in the publication.

„Investors find Colombia attractive because it is a large market with a stable macroeconomic policy record. The rise of Rappi, an emerging online delivery technology company, put Colombia on the map when it raised USD 1 billion from SoftBank last year,“ they added.

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Public and private sector
What are the sectors that are betting on financial investment? „The progress made by the fintech industry in Colombia is due to the fact that both the private and public sectors are betting on financial inclusion, since 30% of the country’s citizens regularly use some financial product and there are areas where the adoption of these services or products is still lagging behind the main Colombian cities,“ they said.

According to the Financial Times, Colombia has made some progress, but it has yet to complete several advances with the fintech industry to become a „major capital“ of companies working with financial technology. And in this context, from Colombia Fintech stated that it is something that President Ivan Duque has as a goal.

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