PRESENTATION

ANDRÉS ALBÁN CEO PUNTORED

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 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.

Likewise, this sector, which generates more than 9,000 jobs, had an overall growth of 36% in the number of companies incorporated between 2017 and 2020. Likewise, for the past year, the identification of numerous entrepreneurship initiatives as a response to the need to create business models based on technology due to the pandemic of Covid - 19.

In our case, Colombia in 2020 implemented more than 10 regulatory modifications opening more spaces for innovation in the fintech ecosystem. Among these regulatory milestones it is worth highlighting Decree 1692 of December 18, 2020, through which the national government defined the rules applicable to electronic payment systems, in order to increase the percentage of adults who make online purchases or payments. Likewise, the improvements of the Decree that defined new guidelines to develop crowdfounding, in which the maximum financing amounts were increased to close to $50,000 million or the regulation of the financial sandbox to test technological developments in a formal manner through a temporary license granted by the Superfinanciera.

For its part, the banking sector has consolidated its commitment to innovation and digitalization of channels and products, improving the offer and experience of its customers when using its channels. In this sense, due to the situation generated by the covid 19 pandemic, digital wallets and purses grew exponentially, consolidating themselves as the alternative place for the savings of millions of Colombians who have access to these solutions.

We hope you enjoy this volume and have an approach to the main companies and trends of the Fintech industry in Colombia, accompanied by the business models of a representative group of Colombian ventures that join efforts to achieve financial inclusion in the country.