- Yeah.What do we know about fintech?

With the years, the growth of the sector was able to completely demystify this idea that it was only a trend. The world of digital finance continues to progress, even in spite of the global and regional crisis, which this year resulted in the disfinancing of industry and the lack of liquidity. Overcoming these obstacles, the fintech sector continues to consolidate in LATAM to grow and increase its impact, and positions itself as a more mature and sharp industry. His arrival undoubtedly provoked a positive transformation in the financial universe. Even generated that traditional banking was forced to digitize processes and optimize services, fundamental requirements to satisfy an increasingly demanding and immediate user experience. Of course, pandemic also had a profound impact on this process of definitely boosting the adoption and consolidation of new technologies.

According to data from the report “Fintech in Latin America and the Caribbean: a consolidated ecosystem for recovery”, prepared by Finnovista, Inter-American Development Bank and IDB Invest, for the end of 2021, a total of 2482 fintech companies in Latin America were identified. That is, more than double the accounts in 2018, when registered 1,166, and 22.6% of the 11,000 that exist worldwide.

This highlights the dynamism and expansion that has been experiencing the industry in the region. This is how the opportunities that exist to meet the dissatisfied demand of both financial services and segments of society that remain excluded.

We know that Latin America has had problems entering the digital economy, as money still predominates in transactions. About 70% of the region's population is under-blank or directly is not bankrupt, according to the Impact of 'fintech' report on financial education, carried out by Pago Market and Trendsity.

In this sense, in Callao, we combine disruptive technology and commercial strategies to reform the financial industry in LATAM. We work on a single purpose: democratize access to financial services, a goal that has driven the industry forever.

We believe we are helping to correct significant economic disparities by building financial services. We seek to develop the fintech “path” of the traditional bank or of any company that wants to offer financial products soaked in its general value proposition.

Crypto problem, a challenge for fintech

Of course, we should also focus on how we provide diversity in an industry where only 30% of the staff working in a fintech are women, according to the Latin American Development Bank. Although we have many challenges ahead, we must take advantage of this opening moment that crosses fintechs and generate a conducive environment for more women and diversity to join.

There is still much to be built in traditional finances, not only with open or decentralized finance products, but also with the modernization of legacy systems that hinder the adoption of innovations to payment infrastructure and investment. We know that we are in a market that is in full expansion and has plenty of room for new developments. But we can't advance in time, we need to focus on putting Latam alongside other more financially advanced regions.