In a historically cash-based economy where a big chunk of the population remains unbanked (over 40% in Colombia, Mexico and Peru), digital payments are gaining momentum in Latin America. During recent years and even more so during the pandemic, QR code payments have surged in popularity.
Until recently, transferring money internationally was a long and expensive process. Typically, bank fees were high — both on the sending and receiving end — on top of currency exchange markup fees. What’s more, international bank to bank transfers can take as long as five days to be completed, which can be a long time… Continue reading Why Wise Is Pushing for Greater Financial Transparency
2021 has been a time of profound change for the mobile industry, requiring us all to reimagine the way we think about business. Here at MGA, we are excited to announce our own exciting changes that will help propel MGA forward, creating a dynamic, mission-driven organization focused on creating an inclusive, diverse, and progressive community.
Latin America might have been late to the fintech game compared to regions like Europe and North America, but now it’s catching up. In the first half of 2020, LATAM fintechs raised $525 million, and the region’s biggest fintech, Nubank, was valued at $25 billion in January 2021. The Brazilian neobank is now the largest… Continue reading Fintech Regulation in LATAM is Evolving. What Does This Mean for Finance Apps?
This year has certainly started off with a bang in the Fintech industry, with more Fintechs raising greater than $100 million than ever before. And we’re just wrapping up the first quarter of 2021! Like many industries, the pandemic has dramatically accelerated digital transformation and consumer adoption of digital Fintech tools, and that’s certainly apparent… Continue reading Why Trust Is the Key to Customer Growth
Since the 2008 global financial crisis, the Fintech industry has dramatically changed the banking and financial services industry. Not only have we seen the rise of peer-to-peer (P2P) and marketplace lending networks that directly connect investors with borrowers to open up new options and possibilities for both, but we’ve also seen the rise of neobanks… Continue reading From P2P Lending to Digital Marketplace Banking: How LendingClub Is Changing the Fintech Landscape
In many parts of the world, it’s common for people not to have bank accounts, particularly in developing or underdeveloped countries. At the same time, however, mobile phones are ubiquitous. For example, there are 127 million people in Mexico, and more than 63 percent do not have a bank account. Yet, about 60% of them… Continue reading How Fintech Is Transforming Banking In Latin America
The pandemic has certainly accelerated many changes in the fintech world, both for businesses and consumers, but one thing that still hasn’t really changed is how financial firms look at and manage data. That is, there are still plenty of privacy, risk, and regulatory restrictions on how data is accessed and used; and for good… Continue reading How Breaking Down Data Silos Will Change Fintech
It’s probably no surprise to anyone that the number of dual-income households has grown dramatically over the past 40+ years. Today, the majority of American households are dual-income, with modern families looking significantly different than those of previous generations. Unfortunately, the tools and financial institutions haven’t kept up as household makeup and finances have become more… Continue reading Why The Best Fintech Products Are Based In Personal Experiences
There’s little doubt about it: Our economy is changing. That’s in large part due to the coronavirus pandemic, but it’s also because long-time economic shifts that have in the past taken years (or even decades) to change are now speeding up dramatically. To be sure, massive temporary business closures intended to limit the virus’ spread… Continue reading Families Are Changing and Traditional Banks Need to Catch Up
