We had an inspiring and eye-opening experience during the Open Finance event organized by Latam Fintech Hub - Edwin Zácipa 🚀. We were able to engage with representatives of different companies that had a booth there, and we met many #openbanking platforms, payment providers, lending companies, and more.
One of the most important topics discussed during the event was financial inclusion. We learned about the efforts made by various players in the industry to ensure that financial services are accessible to everyone. Just 24% of the population have access to financial services. This is an area where fintech companies can play a key role in driving innovation and providing solutions that are inclusive and accessible.
Another important topic that was mentioned during the event was about APIs. Andres Alban, Puntored’s CEO talked about APIs generation to create embedded experiences to give the unbanked population the possibility to access financial services.
The event also showcased some of the disruptive platforms that are being created in Colombia. We saw firsthand how these platforms are changing the way financial services are delivered, and how they are enabling greater access to financial services for people across the country Tpaga, SoyYo - Servicios de Identidad Digital, Milio (YC W23), Monet - Crédito para todos (YC S21) and Finkargo.
Ingrid Fletcher, our Digital Marketing Specialist said about the event: “We gained valuable insights into the current state of open finance in Colombia, and we were inspired by the many innovative solutions that are being developed in the region. We look forward to continuing to engage with our colleagues in LatAm and contributing to the growth and development of the open finance ecosystem".
There are also challenges facing the future of open banking in the region. We learned about some of the regulatory and technical hurdles that need to be overcome to ensure that open finance can reach its full potential. However, it was encouraging to see that banks in Colombia are taking a collaborative mindset towards open finance, which bodes well for the future of the industry. We could see that in the last panel called “Building digital ecosystems and ‘Open’ strategy in the banks”. That counted with the presence of Luis Miguel Zapata from Bancolombia, Carlos Granados from Banco Davivienda, Daniel Marín Dávila from Grupo Aval and Ronny Ramirez García from Banco Cooperativo Coopcentral - Sigla Coopcentral