#TopNews: The most important news of the week on digital banking and fintech in Latin America
HSBC México bank completed its first operation using blockchain, in a pilot that cut the time needed to verify a letter of credit to just 24 hours, from a typical 5-10 days. Charly, a Mexican clothing company, was the beneficiary of the transaction, which involved a buyer in the United States and the bank’s counterpart in Hong Kong. HSBC Holdings plans to carry out the first commercial operations with blockchain technology from 2021.
Itaú has enabled PIX for all users of its mobile banking app Iti as part of a roll out of the new instant payment system developed by the Central Bank of Brazil. With the new functionality, Iti customers will be able to make and receive free transfers and payments.
Open banking represents a great opportunity for the financial sector, according to 90% of the institutions that participated in the study Open banking in Mexico: diagnosis and trends, carried out by Finerio Connect. Among the key data, it is known that 56% of companies consider that the main challenges are compliance with regulations and developing a customer-focused business model.
LatAm fintechs Finerio, U-Zave, Creci, Acredito and ZIZU have been chosen to receive grants as part of Finance Forward LatAm 2020, a three-month program for the development of startups, organized by Village Capital in collaboration with MetLife Foundation, PayPal and Moody’s. Two startups will receive a donation of US $ 50 thousand, and three more of US $ 16 thousand.
LatinFinance’s 2020 Bank of the Year Awards has announced its winners. The institutions that used technology and creative solutions to face the contingency due to COVID-19 and the economic and political difficulties of each country stand out. This is the case of Interbank in Peru, which currently interacts with 74% of its users virtually, and HSBC in Argentina, immersed in digital onboarding. Meet the rest of the victors in the region.
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