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This year, Paraguay has decreased from 5 to only 2 "fintech" companies, which refers to digital companies, which is a significant deterioration in terms of creating financial management platforms, according to the IDB report.
The Inter-American Development Bank (IDB) report states that there is rapid growth in these regions based on technology platforms.
In the past year they have increased by 66%, and now together with more than 1,160 companies. By contrast, our country showed a 60% drop, and in 2018 it is only thinking about two ventures.
Digital advancement, in particular telephones with its mobile applications, is a revolution in financial companies, also known as "fintech", where payment and remittance systems stand out as the services most demanded by users in Latin America.
According to the report, in 2018, Brazil (380), Mexico (273), Colombia (148), Argentina (116), Chile (84), Peru (57), Ecuador (34) and Uruguay (28).
The main business segment with the highest profitability is the digital platform for payments and remittances (24% of identified companies), followed by loans (18%) and business finance management (15%).
Fintech presents innovations in traditional financial services and consists of the use of technology in the design and / or distribution of financial services and products. The electronic wallet is a clear example of this new dynamics.
In this regard, the economist and ex-agent of the central bank of Paraguay (BCP), Carlos Fernández Valdovinos, recently mentioned that in a country like ours, where only 29% of adults have a bill in a formal financial institution, 95% of households have mobile telephony, electronic wallet and money orders with a mobile phone represent a unique opportunity to advance the important task of financial inclusion. He pointed out that at that time the controlling bank decided to regulate these procedures, but today many banks are already adapting and including their systems, since they understand that innovation can not be extinguished.
Why Stagnate?
Financial analyst Stan Cannova praised the stagnation of fintech companies despite the great potential for expansion in our market.
He explained that this is due to a number of reasons, including the prices of declining cryptocots, a different reason may be the lack of a regulation that sets clear rules on the market, and because banks themselves adapt to the "fintech" culture as a management process that adheres to its payment services and other subtracted competitive advantages to other independent companies. In the end, he said that Fintechi is the future and that companies have no choice but to adapt to them.
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