At the event, which brings together the leading exponents of financial technologies in Latin America, this new strategic alliance was presented, which seeks to offer better services and financial inclusion to users of the system who have reported their credit history, through the use of Open Finance.
Open Finance is a data exchange model that allows users to share their financial information with the entities of their choice to access better products and services in a secure manner.
“Banco W is very pleased to generate this alliance with Belvo (…) Today, through it, we want to leverage what open finance means in order to better understand these customer profiles (small businesses, micro-entrepreneurs, and self-employed), so that we can deliver better products and services, tailored to their needs,” said Rafael Kruger, Insurance Manager of Banco W.
Read more about the importance of financial inclusion, and find the latest financial news of the day with our companion app Born2Invest.
Financial inclusion is seen as an opportunity in Colombia
And he took the opportunity to thank Colombia Fintech for providing the space for the banking world and the Fintech world to come together to bet on the financial inclusion of more Colombians.
For his part, David Ballesteros, Country Manager of Belvo, said that the work being done with Banco W opens the possibility that the information of digital wallet users can be their letter of introduction to access credit.
“To those people who are rejected when they have debts with the traditional financial system, we can give them a lifeline, that is what we are doing with Belvo and Banco W,” he explained.
For those people who express concern about the misuse of their data, Ballesteros sends a piece of reassurance, noting that Banco W is one of the first supervised institutions in the country, included in the decree 1297 of Article 89 of the National Development Plan, to use open data for the benefit of its users.
Fintech: the key to financial inclusion in Colombia
“This is a first big step for the country, where user data is the most important thing and not so much whether they are reported in a credit bureau or not,” concludes Ballesteros.
Within the framework of the LATAM Fintech Market that is taking place this September 28th and 29th at the Puerta de Oro Convention Center in the city of Barranquilla, Gabriel Santos, president of Colombia Fintech, the event’s organizing association, highlights the importance of this scenario for the growth of the Fintech sector in the country.
“We want this to be the most important financial technology event in Latin America and it is designed not only to have the best people in the Fintech world but above all to advance the businesses of the Fintech ecosystem so that they continue to serve millions of Colombians,” he concluded.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Semana. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
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