Of the total Latin American population, 70% of the area’s population does not have a bank account. The usage of smart phones in Latin America is expected to get to 80% by the year 2025 and this implies that the industry growth potential will gain newer heights.
Latin America being a thickly populated region with large number of mobile device users, but lacks a proper and formal banking access. FinTech can transform smartly the regular way of cash payments and expands financial inclusion.
Inma Canadas, the co-founder and CMO of Keynua was quoted saying, “FinTechs are taking more risks than traditional institutions. We are rethinking and redesigning services and products in a dynamic way and we will all benefit from a broader coverage of financial products for the population.” Keynua has been assisting in safeguarded digital transactions through certified mobile e-signatures.
Covid-19 pandemic has increased the dependency for digital financial services. The government bodies in Latin America are conjoining with FinTech firms to initiate digital finance ventures that will boost financial access, integrating with third parties practicing outmoded financial systems through viable answers like open banking.
In the beginning of the month of June, the National Banking & Security Commission of Mexico published new guidelines for open banking. Also, open banking regulations is expected to be in effect from November.