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Colombia registers the highest rate of financial technology.

Financial Times highlighted in a recent publication that Colombian fintechs are filling the regional banking gaps

The Financial Times highlighted the progress that Colombian fintech has made and assured that its work helps to fill the banking gaps that are generated in Latin America. Throughout the publication, the media relates the success stories of companies that have entered this business niche and highlights examples such as the Chilean Movizzon, which moved its headquarters to Bogotá, considering it a city that allows it to connect with customers throughout the region, due to its geographical location.

However, this is not its only attribute. According to the Financial Times, Antonio Arancibia, co-founder of Movizzon, assured that Colombia has an attractive ecosystem for the development of the fintech industry, since unlike other territories in the region, this segment has already taken off in the local market.

This is evidenced by the fact that “a 2019 Ernst & Young report found that Colombia has the highest rate of ‘financial technology adoption’ in Latin America, with 76% of its population using financial technology services and the industry growing at 120% per year,” quoted the Financial Times in an entry you can read by clicking here.

Statistics such as the above have led investors to invest more than US$1 billion in the industry in the last three years, of which US$300 million was obtained during the first five months of the pandemic, according to information from Fintech Colombia highlighted by the British newspaper in the publication.

In addition, “investors find Colombia attractive because it is a large market with a stable macroeconomic policy record. The rise of Rappi, an emerging online delivery technology company, put Colombia on the map when it raised $1 billion from SoftBank last year.

The advance that the fintech industry has had in the national territory is due to the fact that both the private and public sectors are betting on financial inclusion, since 30% of the country’s citizens regularly use some financial product and there are areas where the adoption of these services or products is still lagging behind the main Colombian cities.

Despite these achievements, the Financial Times highlighted that Colombia has yet to complete a series of advances with this industry to become the ‘great capital of fintech’ that President Ivan Duque has as a goal.