CAF sponsored the ninth edition of the Digital Bank LATAM Conference

The world of finances is changing as a result of the greater prominence of the information technologies sector. The so- called fintech solutions, which assume the application of technologies to develop financial products and services, received a total of USD 19 billion in investments during last year. 

Taking the relevance of this industry into consideration, at a regional level Digital Bank LATAM conferences are organized periodically, with the purpose of disclosing and analyzing the fintech reality. Organized by Componente Digital, with the local support of Soho, the ninth edition of the meeting took place in Uruguay for the first time, and was sponsored by CAF, Development Bank of Latin America, with the participation of Daniel Spechar, Main Executive of the organization's Direction of Productive and Financial Sectors, Southern Region. 

Before a crowded auditorium that included business people and entrepreneurs, Spechar stated, " The fast-paced growth of technology allows us to have more and better financial services at a lower cost, thus promoting financial inclusion for the inhabitants of the region. In addition, it generates a democratization of finances, lowering costs, intermediations, and obstacles, enabling a more equitable and sustainable growth in the long-term". 

During the meeting, which was carried out at the Mario Benedetti Auditorium of Antel's Telecommunications Tower, Martin Vallcorba also made a presentation. He is an advisor to the Ministry of Economy and Finance of Uruguay, and responsible for the Financial Inclusion Program at the Ministry.   

In his presentation, Vallcorba highlighted the significant link between the fintech and the Financial Inclusion Law, approved two years ago. Information technologies and the regulatory framework "provide a favorable environment to generate new products and services aimed at users", encouraging entrepreneurs to take advantage of the opportunities offered by the regulation, adding "Without technological developments it would be impossible to advace in the financial system".  

At the same time, Daniel García, Vice-president of Business Development at Infocorp, stated that information technologies change the experience of users and configure "the great battlefield in which companies compete, to be successful or to disappear. One of the industries that has the greatest opportunities to improve in this context is the banking industry, as it is more threatened than ever before, and because the traditional banking model has to disappear". 

Other renowned experts participating in the ninth edition of Digital Bank LATAM included Alejandro Álvarez, Manager of Canales Digitales of the Banco República of Uruguay; Álvaro Añón, CEO of Soho, Chile; Alex Rodríguez, Chief of Canales Digitales at Banco Financiero of Peru; Ignacio Paz, of Banco Galicia, Argentina; Leonardo Rodríguez and Fernando Ciracciolo, of Vulcan Results, Argentina, and Frederico Lopes, of Bank IT Portugal. 

Recognition to entrepreneurs     

The meeting also included the development of a contest that recognized the work of fintech developers. It called 16 entrepreneurs of Argentina, Colombia, Mexico, and Uruguay, who presented their projects before a jury made up of representatives from the banking industry.  

All the participants highlighted the need to develop solutions that focus on user experience, providing elements that facilitate transactions and lower costs, while at the same time, being available everywhere. 

ProsignIT, a multifactorial authentication system, which may be applied to diverse platforms, was the winner of the contest. Second place was for Qoolet, an electronic wallet that simplifies purchases using the web or in established stores.