Open Finance is still a new concept in Colombia. However, the country is catching up with a series of regulatory initiatives.
Addi has targeted the Colombian and Brazilian credit market with their BNPL product. CEO Santiago Suarez says insights make the difference.
According to Banking Technology, PayU will be implementing Mambu's software-as-a-service based core banking platform; the software will support PayU's short-term deferred payment product; Mambu now has 26 clients which it supports from its Miami office; PayU is currently running a pilot in Colombia but it is expected to roll out services across Latin America. Source
Colombian fintech Avista raised $22.5 million in debt from Accial Capital as it seeks to boost lending to the elderly.
askRobin is based in Estonia but serves consumers in Latin America; the company first started in Mexico in late 2017,...
The Economist magazine's intelligence unit (EIU) has published a report on regulatory support for financial inclusion in developing countries and it is now gaining traction with press and analysts; the report scores countries on having an inclusiveness strategy and building governmental and private sector expertise, then provides in-depth details in areas including credit markets, non-regulated lenders, payments and insurance; Colombia ties Peru this year for the most progressive country; India has shown the most improvement; Latin America and East/South Asia are leaders regionally while Africa and the Middle East remain behind; the EIU performed the research in conjunction with the Center for Financial Inclusion at Accion and the Multilateral Investment Fund at the Inter-American Development Bank. Source