The first day of the Argentina Fintech Forum event took place, which was attended by more than 1,400 participants and generated more than 3,000 views in the various sections during the day. Industry leaders addressed important issues such as the premiere of payment interoperability and advances in open banking.
Ignacio Plaza, President of the Argentine Fintech Chamber, welcomed the event: “2020 was a year of great growth for our industry. The crisis was an opportunity. Now it is important to seize this opportunity and ensure that all of this is distributed to have a positive impact on society as a whole. We believe that digital and financial inclusion is a great engine to achieve progress, equity and equal opportunities. “
Mariano Biocca, general coordinator of the institution, explained the format of this innovative event, which is taking place in virtual form for the first time. Then the first panel began with the focus on “Transfers 3.0: Interoperability”, moderated by Romina Simonelli, VP Payments at ank.
“The key to the success of this initiative is the opportunity to create jobs and local capacity. The monumental challenge is to create value in our society. You have to believe it as an industry and feel part of a common process,” said Carlos Hourbeigt , Director of Central Bank of the Argentine Republic.
Hourbeigt stressed that “all actors” contributed to the development of the program and that “the aim is to create an open ecosystem”.
Shops and QR
Paula Arregui, COO of Mercado Pago, was in attendance and said: “93% of our QR network is made up of companies processing less than 50,000 pesos per month. This data shows how we are doing the financial inclusion of players who were outside of the system “.
For Arregui, Transferences 3.0 marks a “third wave” in the displacement of cash, “which no longer occurs with loose items but with the entire industry”.
For his part, Juan Pablo Bruzzo, founder and CEO of Moni Online, said: “It’s not about replacing one digital medium with another, but about reaching where it is only settled in cash.”
“If the pandemic had anything good, people who had not imagined that they would be working electronically have started. This creates a great opportunity. We still have great communication ahead of us, but everything is there,” added he added. Sergio Strologo, Director of Global Business Solutions at Fiserv.
The panel “Open Banking: Possible in Argentina?” It was moderated by Pablo Ces, CEO of Flexibility.
Gastón Krasny, CTO of Sesocio, defined open banking as the collaboration between banks and fintech through the use of APIs. “The aim is to foster competition, inclusion and innovation for a better user experience. We are not enemies. Fintech companies have come to rethink certain companies for the benefit of all. The banks that saw this opportunity are those who recognized this. ” grow more, “he said.
“The banking model of the future is a universe managed by fintech on the front end and banks on the back end,” said Ivan Bolé, CLO of BKR. And he gave a simple example to illustrate his position: “You don’t have to own a field to farm.” He also highlighted that “big tech” first and then fintech improves the user experience, an area where banks are still lagging behind. Fintech companies are believed to have filled this void.
Nydia Remolina, Associate Researcher at Singapore Management University, highlighted two possible regulatory approaches. One system where the regulator forces banks to share their APIs and another where it acts as an intermediary and bridge between financial institutions and fintech. “The most successful results have come from the experiences with this second organic or voluntary program like Singapore,” he said.
With that in mind, Federico Goldberg, CEO of Plunzo, argued that “there is no need to enforce, because when players see that there is an interesting business going on they join and compete. But it is also true that there are many regulated spaces that work well, such as this is the case with the CVU which got its way through regulation and was a success. “
The first keynote speaker was Sergio Corona, Microsoft’s regional director of financial services in Latin America, who spoke about the opportunities that technology was opening up for financial services even in times of pandemic. Corona spoke of the need to promote the “dynamization” of transactions.
“SMBs were in very complicated situations. With such limited cash flow, we provided dashboards to analyze what was happening with the sale,” he said, saying that the key at this point is “to integrate solutions to add new layers. ” These solutions come from Fintech, but also from other startups like the ones we support in Brazil and Argentina. “
Juliana Carmona Giraldo, Director of Operations for the Colombian Fintech Association, told the panel that analyzed regional news: “In our country, 76% of the active digital population use fintech solutions. Industry sales have increased 220% over the past two years. A special feature is that Bogotá concentrates 70% of the country’s fintech companies. This year, however, there was a revolution: 30% of the new members of the ecosystem come from medium-sized cities. ”
For her part, María Laura Cuya, President of the Fintech Association of Peru, said: “Our country has serious funding needs. There is a large proportion of people without bank details who have little access to these services and little information. The ecosystem increased from 127 to 151 companies last year. It’s a young universe, 60% of companies have less than three years since their inception. It is also diverse: 35% of companies have women at management level or as CEOs. Most of the fintechs are concentrated in Lima and gradually reach other parts of the country. “
The last panel of the afternoon was called “Digital Credit: Myths and Truths”.and was moderated by Mariano Bacigalupo, Ripio Credit Product Manager, who also commented that thanks to technological advances, his company is working on secured loans without collateral.
For his part, Sergio Miller, Chief Data Analytics Officer at Equifax, presented the results of a study that found that customers excluded from the traditional system choose to ask for money from a fintech, and after receiving one Have a positive credit history 12% return to traditional institutions. In the case of registration of a delay in payment, this return is of the order of 22%.
Juan Francisco Salviolo, Co-Founder and CEO of Waynimóvil, stated that for the same reason, they are working on delivering short loans of six to eight months to expedite the building of this new credit history that is returning a positive cycle.
On the other hand, Diego Varela, co-founder and CEO of Findo, spoke about regulations: “With regard to the new regulations, three components stand out: transparency in tariffs, processes and quality in customer service and in the information system. We believe that all three of them are very positive as long as they connect us to the banks and that makes us better: it forces us to provide better information and services, and it makes us more predictable. “
Then he added, “We believe that in Argentina, as in the rest of the region, many of the advances in the credit segment are made in cash, which enables a merchant to finance purchases and thus significantly increase their sales.”
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