Open Finance in LatAm: Colombia makes progress while Mexico stalls
Colombia took a big step towards open finance last week, and plans to have rules in place within a year. The news came as sources in Mexico say progress has stalled in the implementation of open banking in the country.
These developments show how Open Finance is moving at different speeds in LatAm, with some countries moving significantly faster than others.
Open finance-based businesses lament
The determining factor “is the public sector’s intention to make room for open finance,” says David Ballesteros, manager for Colombia at Belvo, an open finance fintech. “I feel that in each of the governments this is a topic that is on their radar,” he adds.
Likewise, banks must be shown “that it is a win-win” because customers get an improved user experience and banks can attract more revenue through other business models, says Pablo Vicencio, sales manager in Chile at Finerio Connect, a financial solutions company that uses data.
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Paystand acquires Yaydoo
B2B payments fintech Paystand acquired its Mexican peer Yaydoo for an undisclosed amount. With this deal, California-based Paystand hopes to be one of the first global B2B blockchain platforms. “While this is Paystand’s first acquisition, we are just getting started with our ambitions,” Jeremy Almond, CEO of Paystand posted on LinkedIn. Yaydoo also announced the deal, calling it a merger.
Nequi receives financing company license
Grupo Bancolombia’s digital wallet, Nequi, received authorization from the Colombian regulator to become a financing company. The license allows the wallet to take deposits and grant loans independently from the bank. Nequi has 13 million customers, making it one of the most widely used wallets in the region.
Bnext closes its doors in Mexico
The Spanish neobank Bnext disabled the accounts of its 230,000 users in Mexico, as a result of the latest regulatory changes in the country. The neobank was a client of Cacao Paycard, a company that failed to obtain the Mexican fintech license as an Electronic Payment Funds Institution (IFPE). The refusal affected its
Colombia‘s regulator is poised to allow links between banks and crypto platforms – although banks will have to remind users that the exchanges are themselves unregulated. Also, banks and fintechs are looking forward to more opportunities for credit with the Government’s Green Taxonomy plan.
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Nubank and Bitso reach 1 million crypto customers
Just three months after launching cryptocurrency purchases through the app, Nubank managed to attract 1 million customers. For this product, the neobank partnered with Paxos, which acts as a liquidity provider and custodian of cryptocurrencies. For its part, the Mexican unicorn Bitso also reported that they conquered 1 million users in Brazil almost a year after its launch.
Santander: Getnet revenues grow, bank to offer cryptoservices
Santander Brazil plans to offer services linked to cryptocurrencies in the coming months and is evaluating the use of blockchain technology to tokenize assets, it said. Meanwhile, Getnet, the Santander Group’s acquirer, posted net income of R$176 million (US$33.2 million) in the second quarter of the year, up 33% from the
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This week we reviewed the most popular digital wallets in LatAm, where PicPay, Nubank and Mercado Pago stand out. In addition, we looked at the paths that wallets are following to make the business profitable.
See the most popular digital wallets in Latin America, here.