To 73 increase the number of Latin American companies of cryptoactive in 2018.
The Inter-American Development Bank (IDB) published a study in which it evaluates the performance of 1,100 FinTech companies in Latin America during 2018. The results showed that the undertakings carried out in the area of cryptoactives increased by half compared to 2017.
The investigation was posted on the IDB website this week. It was called Fintech América Latina 2018: Growth and Consolidation. It follows a study carried out by the Bank in 2017 together with the Finnovista organization. Both focus on describing the development that the FinTech industry has had in the year in question.
According to the IDB, in 2017, 31 of the total of 393 FinTech companies evaluated developed solutions related to cryptoactives. For this year, that figure increased to 6.3% from 1100 companies, to yield a total of 73 companies. It should be noted that only companies that offer cryptoactive as a method of payment and that are the product of Initial Currency Offers (ICO) fall into this group.
Additionally, the IDB reported that 21% of the technologies with which these companies work are related to mobile and applications. 19% with Big Data and analytics, and 17% is linked with APIs and open platforms.
Among other data, the IDB noted that a high rate of the population of Latin America does not have access to the traditional financial system. This generates great popularity in solutions for payments and remittances, an index that increased by 61% over the previous year. This is also due to the large number of mobile devices that are used in the region. According to the Bank, the mobile telephony penetration rate stands at 67%. In this way, of the total of payments and remittances that are sent with mobile devices, 7% is made with cryptoactives.
Similarly, the IDB registered a growth in the interest of FinTech companies regarding cybersecurity and digital banking. In terms of regulation, the study highlighted the FinTech Law of Mexico, which entered into force on September 10. This Law has an influence on the trade of cryptoactives in that country.
The country that led the list of FinTech ventures in Latin America was Brazil, with 33% of the total. It was followed by Mexico with 23%. In the last place was Venezuela, with 1%. The IDB indicated that 60% of the projects in this country focus on financial inclusion. In fact, in October this country went to the second place of trade with bitcoins in the world.
However, despite the increase in the figures released by the IDB over the previous year, the countries of Latin America are far from becoming “Cryptonations”, as many crypto-active enthusiasts would expect. However, the IDB has expressed interest in cryptoactives. In July, he prepared a competition for FinTech specialized in blockchain. Later, in October, he created an international platform to “create a blockchain ecosystem” in Latin America and the Caribbean.
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