Fintech every week: Big moment for fintech in LatAM
Payment methods are growing in comparison to traditional banking. It is forecasted that investments will increase in Latin America in 2024 (fortunately!), and Euronet enters the Latin American market
Welcome to our weekly newsletter covering the latest news and trends in the Latin American fintech scene.
Alternative payment methods increase 47% in LatAm
Alternative payment methods have gained ground in the Latin American region, currently accounting for 47% of e-commerce, according to data provided by the “Latin America Digital Payment Trends 2023” report.
The report highlights a 36% decline in cash usage, with increasing adoption of methods such as electronic transfers, prepaid cards, digital wallets, cryptocurrencies, and Buy Now, Pay Later (BNPL) solutions.
Furthermore, the report emphasizes the increasing use of digital payments in Mexico. According to the 2021 National Survey of Financial Inclusion, 1.8 million users between the ages of 18 and 70 prefer electronic transfers or other payment methods for transactions below 500 pesos instead of using credit cards.
Vía Contxto
Quick News
Fidelity seeks Bitcoin ETF with new SEC filing. Boston-based investment giant Fidelity has once again filed an application for a Bitcoin exchange-traded fund (ETF). In a Thursday filing with the U.S. Securities and Exchange Commission (SEC), the asset manager stated that its Wise Bitcoin Trust, a Bitcoin-backed ETF, would help U.S. investors avoid risks. (Contxto)
Amazon Web Services is launching its first Global Fintech Accelerator for LatAm. Amazon Web Services (AWS) has announced the launch of its AWS Global Fintech Accelerator, which will focus on supporting 150 FinTech startups with business models related to Artificial Intelligence (AI) and Machine Learning (ML) technology. It will provide support and mentorship for financial solutions. (Contxto).
Head of Nasdaq for Latin America foresees the return of IPOs in the region in 2024. In an interview with Bloomberg Línea, Ivana Ferreira, Head of Nasdaq for Latin America, stated that despite the various challenges faced by the US market, the environment for initial public offerings (IPOs) will be favorable for many companies in the region. (Bloomberg Línea)
Chilean startup Shinkansen closes a $3 million investment round for expansion in Latin America. The startup Shinkansen has just closed a $3 million seed round, led by Mexican venture capital firm ALLVP, to expand in Mexico, Peru, and the rest of Latin America. In this round, investors Salkantay, Chileventures, and Pedro Pineda, co-founder of Fintual, also participated, with Pedro Pineda participating as a Sequoia Scout. (Expansión).
Euronet expands Ren Payments Platform in LatAm & Caribbean with Mastercard Engage & Fintech Express. Global financial technology solutions and payments provider, Euronet, has announced its participation in Mastercard’s Fintech Express and Mastercard Engage programs in Latin America and the Caribbean (LAC). This partnership aims to promote Euronet’s Ren payments platform and its comprehensive payment capabilities to fintech and financial institutions in the region(Contxto)
Fintech Education
Financial innovation in the digital era. IPADE Business School's online Financial Innovation in the Digital Era program seeks to help participants understand this concept and discover its full potential to drive innovation and the opportunities it opens up.
Diploma in Banking and Financial Digitalization (Fintech). The UCJC's Expert in Banking and Financial Digitalization (Fintech) program prepares you to lead the digital transformation of the financial sector. It is aimed at banking and finance professionals.
Diploma in Fintech & Digital Transformation. This Tec de Monterrey diploma allows you to strategically understand the technologies that are revolutionizing the sector through practical exercises, and provides participants with the necessary skills to identify, design and implement digital transformations in Banking and Financial Institutions.
Food for Thought
Analysis of international indices (Nasdaq - SP500 - HangSen - Bovespa) as of June 30
U.S. inflation is already showing real signs of deceleration, and a good impact on the markets is expected. (DEBURSA ALyC S.A.)
Jobs
Content Marketing Producer - FINNOSUMMIT @Finnovista (expected to face-to-facework , Mexico)
Head of Checkr Pay @Checkr (expected to work remotely)
Director - LATAM Banking and Partnerships @Nium (expected to hybrid work)