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The future of finance in LatAm & the Caribbean

November 27, 2021

Digital payments on the rise in Colombia; Regulatory challenges in fintech; and more

Aug 28, 2020

By Fabiola Seminario
Electronic payments on the rise in Colombia, BIS highlights regulatory challenges in fintech
#BuenasFuentes: The most important news of the week on digital banking and fintech in Latin America 

 

Colombia: Electronic payments double

Colombians’ usage of a Secure Online Payment button -PSE- grew 121% between January and July, according to the country’s clearing house. In addition, according to ACH Colombia, Colombians buy around USD $5 million worth of goods using the facility each month.

Costa Rica’s TeleDolar partners with Nium

Nium, a Singaporean cross-border payments company, has partnered with TeleDolar, a Costa Rican money transfer fintech. The alliance aims to accelerate the access of Asian businesses into Latin America and make instant foreign payments more popular.

Regulators face a difficult balance between innovation and stability in fintech

Financial regulators globally must strike a balance between promoting innovation and maintaining financial stability, says the Bank for International Settlements. The comments conclude a broad review of the regulatory framework for fintechs in 30 countries around the world.

See also: Real-Time Payments LatAm: Options expand but usage grows slowly

Points payments grow globally

Loyalty points – previously often used in exchange for travel tickets – today act as retention tools for customers with credit cards, especially in times of Covid-19, according to a report from PYMNTS.

Most LatAm fintechs in growth stage: KoreFusion

A little more than half (58%) of Latin American fintechs are in an expansion or growth stage, while a quarter are in an earlier stage, according to a report prepared by KoreFusion on the sector.

Bci launches course to digitize Chilean SMEs

Banco de Crédito e Inversiones (Bci) in Chile has launched a course for SMEs to digitize. The initiative can be taken by clients and non-clients of the bank.

See also: With new scoring models, LatAm fintechs keep lending through crisis

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