PRESENTATION ANDRÉS ALBÁN
In the last years we have seen an exponential growth of Fintech companies in Latin America, with Colombia being one of the countries that has lead this trend. The opening of this industry is mostly due to regulatory developments in the countries that have given the entrepreneurial ecosystem incentives for greater competition, reflected in the growing foreign investment and the emergence of new companies in each category of the sector. This is reflected in the second edition of Fintech Companies in Colombia. Their challenges and achievements, where Javier Raventós makes an account of the various companies in different categories of Fintech verticals, covering: Insurtech, digital credit, digital payments, among others, and makes an analysis of issues of open banking, the future of Fintech alliances and the tokenization of currencies thanks to the block chain in articles with the participation of experts from different areas. Additionally, it includes perspectives from influential organizations such as Endeavor, in which it relates how the Fintech industry has gained strength in this important
4 | FINTECH COMPANIES IN COLOMBIA ΙΙ
CEO PUNTORED
entrepreneurship network and highlights the work of the founders of the most representative companies in the sector. In addition to the above, Fintech solutions have proven to be important promoters to achieve the financial inclusion of individuals, companies, independent workers and ventures of different characteristics, where alternative financial services are generated and coexist in an ecosystem of free competition through cooperation. In addition, it is remarkable the opportunity of formalization that merchants have and the access to financial services in rural and hardto-reach populations through these innovative solutions. Colombia Fintech, through its sectorial report “Fintank”, estimates that by 2020 in Colombia there are 322 companies classified in 9 verticals or segments, among which digital credit and digital payments have the majority of players in the market, adding approximately 50% of the representation.
