The Inter-American Development Bank (IDB) and the Executive Committee of FintechLAC concluded the Fifth Meeting of the FintechLAC Network, titled “The Future of Digital Financial Inclusion in Latin America and the Caribbean.” Held in Bogotá, Colombia, on June 20-21, 2024, this hybrid event brought together experts and stakeholders to discuss fintech advancements in the region.
The meeting featured a series of panels and special presentations with participation from key government representatives, industry leaders, and fintech experts. Discussions covered critical fintech topics, including payment system transformations, the benefits and regulatory status of open finance, AI adoption in finance, and the evolving crypto-assets sector, including Central Bank Digital Currencies (CBDCs). Panels also addressed public policy and regulatory developments, focusing on innovative initiatives and regulatory challenges.
Rafael Lechuga, ABD Finance Working Group Chair and Head of Government Affairs & Public Policy for Mexico, Central America, and the Caribbean at Citi, shared perspectives on public policy and regulation in developing open finance. He emphasized the importance of the development of policy recommendations the ABD Finance Working Group is undertaking in preparation for the X Summit of the Americas to be held in the Dominican Republic in 2025, highlighting the need for robust public policies to foster innovation and financial inclusion.
The meeting also highlighted significant growth in the fintech ecosystem. According to the fourth report of the Fintech in Latin America and the Caribbean series by the IDB and Finnovista launched at the event, the number of fintech startups has increased by over 340% in the past six years, from 703 companies in 18 countries in 2017 to 3,069 in 26 countries in 2023. This growth is driven by high demand from financial consumers, a strong digital financial infrastructure, and an available specialized workforce.
The participation of ABD’s Finance Working Group Chair in the forum is an expample ABD’s longstanding collaboration with IDB’s Connectivity, Markets, and Finance Division, which coordinates FintechLAC, the first public-private fintech group in Latin America and the Caribbean (LAC), consisting of financial regulators, supervisors, and fintech associations from 15 countries.
The objective of FintechLAC is to support the development, consolidation, and integration of a fintech ecosystem in LAC through the promotion of policies and regulations, as well as the institutional strengthening of ecosystem actors. The ABD Finance Working Group is committed to actively continuing its contributions to these efforts.
The event agenda presentations are available for download here.