Vincent Speranza, CEO of Endeavor Mexico, considered that fintech infrastructure is taking on an increasingly central role in the processes of financial institutions in Latin America.
The fintech sector, which seeks to compete through efficiency, transparency, and accessibility, faces the challenge of having a robust and reliable technology infrastructure to achieve its objectives, according to the participants of the Fintech Meeting event, organized by Mastercard and Endeavor Mexico.
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According to Vincent Speranza, general director of Endeavor Mexico, fintech infrastructure is taking on an increasingly central role in the processes of financial institutions
“When you make a purchase from an e-commerce portal, necessarily this card information, bank data travel to systems that allow the payment to be made. So there is no digital industry if there is no fintech support and infrastructure behind it,” said Speranza.
Pablo Cuarón, vice president of business development at Mastercard Mexico, agreed that the development of technology is essential for a sector that is growing 26% annually and that has 650 financial technology companies, according to Finnovista data.
“In the conditions and macroeconomic outlook, Mexico is clearly a market of opportunity,” said Cuarón.
He added that for Mastercard, fintech companies are aligned with the objectives they have for the development of their technologies. Cuarón pointed out that his firm maintains alliances with 80% of the fintech players that participate in segments such as payments, credit, and services for companies.
Expectations remain, as the segment continues to grow, according to data compiled by Endeavor Mexico, the fintech ecosystem in Mexico was the second country with the second largest capital raised in 2022, with US$541 million, representing 21% of the capital raised in the sector in Latin America.
“This ecosystem has undoubtedly grown in recent years, although there are certainly still challenges, today we are entering a new stage, in which all the growth, generation of new ideas, and acceleration of the last five years is consolidated,” said Cuarón.
In the case of fintech companies operating in Mexico, 41% are dedicated to services and infrastructure for the digitalization and operation of financial institutions, according to the Fintech Mexico Annual Report.
The report indicates that given the diversification of products and services offered, financial institutions have sought different ways to facilitate access to their services through technology and new business models, that’s why fintech infrastructure is so important.
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First published in EL ECONOMISTA, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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