Panorama
Argentina
In Argentina the panorama is new and promising. According to the Argentine Fintech Chamber in its report on the Argentine fintech ecosystem, the verticals that have developed the most in Argentina include payments (48%), credits (38%), financial solutions (18%), business services (15%) and investments (12%). This is clear from the latest map prepared by Finnovating (the platform that seeks to unite fintechs with companies and associations).
The verticals that are still below 10% of the ecosystem are insurance (5%), foreign exchange (4%), digital banks (3%), financial products (3%), personal finance (3%) and regtech (2%). In Argentina, half of the organizations in the financial sector are already associated with fintech technological development and more than 80% expect to be so in the next 3 years. Added to the active participation of the Central Bank of the Argentine Republic (BCRA), which in response to this new demand issued a series of regulations related to the opening of non-face-to-face accounts, creation of DEBIN, new means of payment, credit evaluation models for individuals and SMEs (Small and Medium Enterprises).
In 2019, 151 Argentine fintech companies were registered until August, compared to 133 in 2018, 95 in 2017 and 60 in 2016.
For their part, financial technology companies in Argentina have recorded sustained expansion since the mid-2010s, driven by the high adoption of mobile telephony, financial inclusion needs, and the digitalization of payments. The payments and electronic wallets subsector—with players such as Mercado Pago, Ualá") and Naranja interoperable surpassed 62.6 million monthly operations, according to the BCRA's official retail payments report.[28][29].
At the same time, cryptoasset platforms spread—especially for savings in stablecoins and transfers—with the presence of local and regional operators. Among them are Ripio&action=edit&redlink=1 "Ripio (company) (not yet written)") and Bitso, as well as others in widespread use such as Belo, SatoshiTango and Lemon Cash.[30].
According to sectoral surveys, the number of fintech companies in the country increased from 138 in 2018 to 268 in 2020 (estimates from the Argentine Chamber of Fintech cited by ICEX).[31] Later studies indicate 343 active startups in 2023 and 383 in 2024, evidencing the continuity of the growth of the ecosystem.[32][33].
As a regional context, GSMA highlights the rapid expansion of mobile connectivity in Latin America during the last decade, a factor that facilitated the adoption of digital financial services in markets such as Argentina.[34].
Spain
According to the fintech Report[35] published in June 2015 by the company Captio and ASSET (Spanish Association of Business Financiers), the term fintech is not known by 66.7% of professionals in the sector. But, according to the report, theoretical knowledge of what fintech is and interest in it does not imply its practical use, just as ignorance of the term does not imply that it is not used. 46.2% of finance professionals in Spain use some type of software or fintech product in their company.[36].
The report details that for 54.6% of finance professionals, the main advantage of using fintech is achieving more efficient processes or management for their company. Saving time (50.9%) and immediacy (41%) are also some of the most common reasons.
On the other hand, finance professionals who do not use fintech products or services argue that 51.6% do not do so because they do not know how a product of this type can help their company. 38.9% say they do not use fintech because they do not know of specific offers that are interesting or that adapt to the needs of the company. Only 4% of those who do not invest in fintech do not do so because they consider it an unnecessary expense. 5.5% say they have other reasons.
Mexico
Since the century, in Mexico there have been companies considered fintech such as E-Global (Global Electronic Services), Prosa (Promotion and Operation"), TMSourcing and companies related to the Mexican Stock Exchange such as Bursatec, MexDer, among others. Likewise, during the century companies such as Buró de Crédito "Buró de Crédito (México)"), and Círculo de Crédito") were consolidated. Some legal figures such as the Multiple Purpose Financial Society (Sofom) and the Popular Financial Society (Sofipo) consolidate the philosophy today called fintech. Mexico is the country with the largest number of fintech companies in all of Latin America with 158 startups, followed by Brazil with 130 and Colombia with 77.[37].
Despite having the largest collection, the growth of this sector is very large, being 24% in 2016 and is projected to be even greater, capturing part of the banking market that has been neglected in this country. In the next 10 years, the sector is expected to capture up to 30% of the banking industry, which would be equivalent to 9 billion USD. According to the firm PwC, more than 20% of the Financial Services industry will be at risk due to the exponential growth of fintech companies in Mexico.
Since 2017, Mexico's Fintech Law regulates electronic payments, collective financing[38] (crowdfunding), virtual assets and electronic financial advice.[39].
On September 10, 2018, the General Provisions to Regulate Financial Technology Institutions (“fintech Law”) were published in the Official Gazette of the Federation. From this legislation, the Institutions of
Financial Technology through the approval of the National Banking and Securities Commission by recognizing them under the legal figures of Electronic Payment Fund Institutions (IFPE) and Collective Financing Institutions (IFC). remittances.[41].
Colombia
Since 2017, Colombia has begun to have greater discussion about the implications that fintech companies have for the country and the financial system. The number of related events, along with the launch of the Colombia fintech association in January of that year,[42] leaves no room for doubt about the existing interest in financial solutions with widespread use of technology. Research conducted by Finnovista Radar in 2016 shows that 40% of the 77 Colombian fintech companies are in the areas of payments and loans.[43].
On the side of the traditional financial sector in Colombia, it has also shown interest in technological innovation of products and transactional channels. In April 2017, the banks' union, Asobancaria, and the technology companies' union, the Colombian Chamber of Informatics and Telecommunications (CCIT), announced their alliance that seeks to promote the accelerated integration of the financial system with the latest technological innovations. Its initial product was the first investigation in the country that explores the trends of digital disruption in the Colombian financial system, called “fintechgration: Opportunity for a truly inclusive financial system.”[44].
The Asobancaria-CCIT alliance would aim to promote the collaboration of different actors – banking, fintech and Government – so that the country can enjoy the benefits of a financial system based around the use of technology. They coined this purpose as “fintechgration”. In this same context, recent reports on trends in business expense management in 2024,[45] prepared by Tickelia"), highlight how digitalization, sustainability and fintech solutions are progressively integrated into business operations, reinforcing the transformation of the Colombian financial ecosystem.
Chili
Chile has a very particular history of financial technological development. In 1989, a group of banks created the Interbank Credit Card Administrator Society, today known as Transbank, becoming one of the first countries in Latin America to have an interbank transactional network that operates credit cards. After six years, they implemented the Redcompra debit card electronic payment system, evidently being pioneers and leaders in the fintech development of the time. However, the great contribution that this company had in the economic and social development of the country, its presence in the market has an aura of controversy, since for decades, it was the only company legally authorized to operate and offer this type of services, which has been classified by some as a financial monopoly.
As of today, 2022, there is a bill called "LAW TO PROMOTE COMPETITION AND FINANCIAL INCLUSION THROUGH INNOVATION AND TECHNOLOGY IN THE PROVISION OF FINANCIAL SERVICES" and informally known as "Fintech Chile Law", although it does not regulate the entire framework in which financial technologies intervene. The Bill (PDL) is divided into 2 parts: Expand the regulatory perimeter of the CMF and create an open finance system, which includes data downloading and payment initiation through programming interfaces (APIs), inspired by PSD2. The CMF's regulatory perimeter will be expanded and five new services will fall under its oversight framework: a) Collective financing platforms (crowdfunding), whether for investment or granting loans; b) Alternative transaction systems; c) Credit and investment advice; d) Custody of financial instruments; e) Routing of orders and financial instrument intermediaries. Alternative transaction systems include invoices, derivatives and virtual financial assets or cryptoassets. The Treasury defined cryptoassets as “the digital representation of units of value, goods or services, with the exception of money, whether in national currency or foreign currencies, which can be transferred, stored or exchanged digitally.” The Treasury defined cryptoassets as “the digital representation of units of value, goods or services, with the exception of money, whether in national currency or foreign currencies, which can be transferred, stored or exchanged digitally.”
To begin their activities, fintech companies must prove compliance with requirements associated with the risk level of their services. The requirements are minimum capital levels, creation of guarantees, corporate governance, risk management, among others. The CMF will have the power to dictate a general rule that may exempt compliance with the requirements established by law according to the type of service offered, volume of operations, number of clients, and other additional elements. The project establishes that, reaching a certain level that will be defined by the CMF, fintech companies must constitute a minimum equity of UF 5 thousand or 3% of risk-weighted assets. Fintech companies that cover financial instrument intermediation services, order routing or custody of financial instruments must provide guarantees and be liable for minor fault in the provision of their services. The five fintech sectors will also be under the supervision umbrella of the Financial Analysis Unit, being obliged to report suspicious operations of money laundering or financing of terrorism. It is also established that banks that offer current accounts “must establish the public, objective, and non-discriminatory conditions under which they will offer and give access to said services” to the five sectors regulated by the Fintech Law. If you do not open an account or close it, you must justify the reasons. The sanctions of the Fintech Law contemplate penalties that start from 541 days in prison.
Peru
In Peru, the fintech sector has experienced constant growth since the mid-2010s, driven by the need for more accessible financial services and the expansion of electronic commerce. According to the Fintech Association of Peru, the country has more than 200 active startups in this area, with a notable participation in digital payment methods, online loans and currency exchange online.[46].
The advance of fintech in the country has been accompanied by greater regulatory support and supervision by the Superintendency of Banking, Insurance and AFP (SBS), which has promoted guidelines for financial innovation and user protection. Likewise, the Central Reserve Bank of Peru (BCRP) and the Ministry of Economy and Finance (MEF) have promoted digital inclusion policies that allow the expansion of financial services in regions where traditional banking has less presence.
Among the most representative segments of the Peruvian ecosystem are digital exchange houses, which allow exchange operations to be carried out completely online, with automated processes and identity verification in real time. These platforms offer transparency in the exchange rate, speed in transactions and facilitate the traceability of operations.
A company like TuCambista is an example of a Peruvian fintech that has contributed to the development of this market, providing safe alternatives for individual and corporate users. Its growth reflects the adoption of digital financial solutions in an environment where trust, security and efficiency are key factors.[47][48].
The strengthening of fintech in Peru has also favored competition between financial providers and the modernization of the banking system. According to reports from the IDB and the SBS, digital innovation in services such as currency exchange, electronic wallets and P2P loans has expanded access to financial services to previously unbanked populations, contributing to the goal of national financial inclusion.[49].