One of the largest banks in Europe, Banco Santander, has announced that it will conduct a new study into financial technology (fintech) companies in Mexico, with the assistance of the Embassy of the United Kingdom in the country.
A blog post from TheStartupFounder detailed the announcement, which said that the study, to be developed by research firm Endeavor, would examine “the challenges, prospects and opportunities for the development of these companies”. The study would also come up with recommendations for them to continue the development and acceleration of competition on a level playing field for banks and fintech.
Announced at the Residence of the Ambassador of the United Kingdom to Mexico, the study also hopes to unearth new opportunities for public policy, acknowledging fintech innovations that benefit society in financial matters. As such, a “study on financial inclusion focused on women’s empowerment” and a panel on fintech investment would be coordinated as an inclusion vehicle.
Fintech development in Latin America is on the rise, with Mexico identified as the region’s second largest economies with a thriving fintech development and a large number of companies operating. An Inter-American Development Bank (IDB) study shows that Brazil leads the list of countries with more fintech companies in Latin America, with 380 operational ventures, followed by Mexico with 273.
What’s more, every third company in the region appears to have internationalized their activities, with IDB Chief of Connectivity Markets and Finance Division Juan Ketterer saying:
“Even though 86% of the fintech companies are located in only five countries, ventures have been found in every Latin American country as well as a strong proclivity towards internationalization, which demonstrates the opportunities perceived by entrepreneurs as well as the importance of further developing a regional harmonization and dialogue.”
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