Monday , September 26 2022

Uruguay was one of the most advanced in the region's growth


Uruguay ranks ninth among 18 countries in the regional rankings of Fintech companies. Beyond the number of companies, compared to Brazil, in a year, the number of platforms has more than doubled.

This Wednesday, the report published by the American Development Bank (IDB) and Finnovista "Fintech 2018: Growth and Consolidation in Latin America," identified 1,100 financial company initiatives based on technology companies (fintech) and a 66% growth rate. Measurement by two organizations a year ago.

The report showed that two of the three projects are already in the advanced stages of development, and that fintech activity has grown between 15 and 18 countries last year. According to the trend observed in 2017, Brazil is the country with the highest number of enterprises with 380, Mexico with 273, Argentina with 148, Chile with 116 and Chile with 84. Uruguay ranked ninth with 28 platforms. but there was a growth of 133% in the amount and in the year was the sixth with the highest fintech expansion.

If you compare the growth rates of different platforms in the region a year ago, they can be grouped according to their country's increase in high-rise countries (above 100%). (More than 50%), medium (below 50%) and negative performers.

The 1,166 companies identified in the region are distributed throughout the 11 fintech business segment. There are three people who stand out as the most representative among them. The most important of these are payments made with 285 platforms and 24%, and remittances with one of the loans, one of the loans with 208% and 18% and one with 181% and 15%.

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According to the IDB, experience has shown that a specific regulatory framework is required for fintech activity. There, he said, "new powers and authorizations for regulators should be involved in the creation of new and registered activities within the regulatory environment and coordination between agencies".

A survey of 397 fintech in the region was conducted to establish the report and perceptions about the organization of activities in Latin America and the Caribbean were asked. In the Uruguayan case, 42% of responses are sufficient. 26% stated that there is no special arrangement and it is needed; 16% of the regulation is too loose and 11% is excessive. The remaining 5% has understood that there is not enough editing and what is required.

At the general level, 9% of respondents think that specific regulations are not required at the moment, 35% is necessary and that 35% of the current regulation is sufficient. This reflects the progress in specific jurisdictions for the IDB in terms of regulation.


In the final chapter, it is clearly stated that the inevitable digitalization of the financial sector opens the doors for entrepreneurs to accelerate innovation and change the ways in which the population interacts with financial services so far. He noted that many in the region "responded to these opportunities, offer new services and innovative business models across all segments and are particularly the focus of providing adequate services to different customers".

Ografik Considering that these young companies are better able to adapt to existing demographic changes and user behavior, this will further increase. This satisfies the expectations that the traditional actors of the system have not yet met. Bu

At the local level, the Uruguay Fintech Chamber was created at the beginning of last year, bringing together many of the platforms set by the report. Among them is Paganza (the recent dispute with the Itaú bank, who decided to stop working with the application), among others Inversionate, Socius, Prezzta and TuTasa.

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