๐Ÿ‡จ๐Ÿ‡ดColombiaโ€™s FinTech Boom: What You Need to Know

๐Ÿ‡จ๐Ÿ‡ดColombiaโ€™s FinTech Boom: What You Need to Know
FinTech Map Colombia - by Finnovista

Colombia has quietly become the third-largest Fintech hub in Latin America (trailing only Brazil and Mexico), home to nearly 300 FinTech companies

Today, the majority of Colombians are armed with smartphones, internet access, and basic banking facilities, laying down the perfect playground for an explosion of financial innovation and inclusion.

And with the government throwing its weight behind innovative FinTech solutions, licensing advancements, and Open Finance, the future looks incredibly bright.

In particular, several government actions have expanded fintechโ€™s capabilities in Colombia in recent years:

๐——๐—ฒ ๐—ก๐—ผ๐˜ƒ๐—ผ ๐—Ÿ๐—ถ๐—ฐ๐—ฒ๐—ป๐˜€๐—ฒ๐˜€ ๐—˜๐—ป๐—ต๐—ฎ๐—ป๐—ฐ๐—ฒ ๐—–๐—ผ๐—บ๐—ฝ๐—ฒ๐˜๐—ถ๐˜๐—ถ๐—ผ๐—ป

Securing a de novo banking license in Colombia has eased with the Compania de Financiamiento license, opening doors for fintechs like Rappi and Nubank. 

This shift encourages competition in a market dominated by a few, with 60% of deposits held by the top three banks.

๐—ข๐—ฝ๐—ฒ๐—ป ๐—•๐—ฎ๐—ป๐—ธ๐—ถ๐—ป๐—ด ๐—ฃ๐—ฟ๐—ผ๐—บ๐—ผ๐˜๐—ฒ๐˜€ ๐—™๐—ถ๐—ป๐—ฎ๐—ป๐—ฐ๐—ถ๐—ฎ๐—น ๐—œ๐—ป๐—ฐ๐—น๐˜‚๐˜€๐—ถ๐—ผ๐—ป

Adopting an Open Finance framework, inspired by Brazil, Colombia aims for a transparent financial ecosystem, exploring the potential for bank account portability.

๐—œ๐—ป๐˜€๐˜๐—ฎ๐—ป๐˜ ๐—ฃ๐—ฎ๐˜†๐—บ๐—ฒ๐—ป๐˜๐˜€ ๐—ฃ๐—ฟ๐—ผ๐—ฝ๐—ฒ๐—น ๐——๐—ถ๐—ด๐—ถ๐˜๐—ถ๐˜‡๐—ฎ๐˜๐—ถ๐—ผ๐—ป

Following Brazil's Pix model, Colombia plans to launch a free, instant payment system by 2024, reducing transaction costs and promoting digital payments.

๐—™๐—ถ๐—ป๐—ง๐—ฒ๐—ฐ๐—ต ๐—ผ๐—ป ๐˜๐—ต๐—ฒ ๐—ฅ๐—ถ๐˜€๐—ฒ

With 120% annual growth and a doubling of companies in five years, Colombiaโ€™s fintech scene thrives, backed by government support for a competitive, innovative financial sector. Entrepreneurs have a prime opportunity to shape the future of finance in the country.

I'm considering visiting Bogota soon, who do you think I should definitely meet/visit when I'm around? Let me know!




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