Fintechs are companies in the financial system that provide services through technology. They can use social networks to advertise and they are companies that do not have branches; that is the general business model of a Fintech. You can request your authorization as a bank, brokerage house or as a pension administrator and function as a Fintech.
This ecosystem has had a very important boost in recent years because we have venture capital funds, international consultants, auditors, accountants, financiers and lawyers who have realized that this sector is here to stay and have realized that Fintechs need your support.
Associations have also been established to allow them to organize themselves and help them grow; These associations have a presence in many Latin American countries. In addition, there are the technology providers that allow Fintechs to work in the cloud, which means that they do not have to invest in a high-generation technology center.
We also have other types of providers, for example, biometric identification companies and other companies that allow Fintechs to link with the payment system in a country. In the same way, the media, by covering the most important events, have facilitated the growth of Fintechs.
It is important to mention that financial authorities, supervisory and regulatory bodies in each country have become increasingly closer to Fintechs and have also sought training to better understand how they work in order to regulate and supervise them properly.
That is why at FintechU we have produced a series of interviews that we have called the 24 hours of Latam & Iberia. This series shows an updated panorama of the Fintech sector and is aimed at all those who are interested in knowing how the financial services industry has evolved in Latin America with the incorporation of new technologies.
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