The Rise and Impact of Fintech in Latin America
Fintech Notes, March 29, 2023
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- The Rise and Impact of Fintech in Latin America
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Bibliographic details
- Authors: Bas B. Bakker, Beatriz Garcia-Nunes, Weicheng Lian, Yang Liu, Camila Perez Marulanda, Adam Siddiq, Mariusz A. Sumlinski, Yuanchen Yang, Dmitry Vasilyev
- Published: March 29, 2023
- Series: Fintech Notes
- DOI: https://doi.org/10.5089/9798400235474.063
Overview
- Fintech has transformed the financial sector in Latin America over the past decade, providing innovations in lending, payments, insurance, and regulation and compliance.
- The paper examines both fintech services and regulation and assesses macro-critical impact using country- and bank-level data.
Key findings
- Booming financial technologies in Latin America have helped boost competition in the banking sector.
- Fintech has contributed to increased financial inclusion in the region.
- Fintech firms in Latin America experienced robust growth even during the pandemic, supported by external funding.
- Regulators are both addressing the risks associated with financial technologies and leveraging fintech tools in their supervisory activities.
Growth and funding
- Fintech firms demonstrated robust growth during the COVID-19 pandemic.
- External funding played a supporting role in that growth.
Regulatory response and supervisory use
- Regulators are addressing risks associated with financial technologies.
- Supervisory authorities are leveraging fintech tools to enhance regulation and compliance activities.
Content in this bundle
- Fintech note: The Rise and Impact of Fintech in Latin America