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The future of finance in LatAm & the Caribbean

November 30, 2021

Digital payments, e-commerce booming; HSBC targets more mobile users

Jul 3, 2020

By Fabiola Seminario
Digital payments, e-commerce booming; HSBC targets more mobile users
#TopNews: Here’s the Latin American digital banking and fintech news that you need to know this week 

 

HSBC: Fewer branches, but more mobile users

By 2022, HSBC aims to have doubled its number of mobile users. The bank hopes that most of its clients’ financial dealings are digital, with branches reserved for “more complex” operations. The plan could cut costs by $ 4.5 billion.

E-commerce and Digital Payments: Surging ahead

Covid-19 has given the online payment ecosystem a major boost. In Brazil alone, Visa has 5 million new customers thanks to the deployment of e-commerce, according to CyberSource.

And in Colombia, the leap in e-commerce has driven demand for digital payments, a trend that will continue once the confinement is over, according to an analysis by Mercado Libre. In the last three months alone, Mercado Pago Colombia received more than 350,000 new customers.

You might also like: Rappi & Banorte: JV aims to offer financial services on a massive scale

Greensill buys 100% of OmniLatam shares

Greensill, a London finance company, has acquired OmniLatam and Portafolio Omni (Chile) and OmniBnk (Colombia), SME-financing fintechs. With the acquisition, Greensill hopes to position itself as a Supply Chain Finance company in the region.

Naranja X launches virtual wallet to the market

Naranja X, the fintech arm of Naranja, an Argentine financial company, presents its first prepaid digital wallet with Visa, a product that can work both physically and for online purchases.

You might also like: Amid Covid stress-test, investors keep betting on LatAm fintechs

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