The head of the entity assured that “The passage of the virus through the region has led to a greater awareness of the importance of digitization, which has generated at the same time a before and after in financial innovation”, and in that line he said: “The winners and losers of the pandemic were those with connectivity and those without.”
In addition, he stated that fintech “They are changing the landscape of the region and are the most efficient and effective mechanism we have to combat informality in Latin America and the Caribbean”, reported the DPA news agency.
In this sense, he contextualized that in the region “Less than 50% of the population is banked, so the rise of the digital financial sector may represent a new mechanism of formalization in the market.”
He also highlighted that “More than a third, almost 35% of all investments in fintech globally are made in the region, which has seen the growth of neobanks such as Nubank, Ebanx or Ualá, among others.”
In this way, the IDB president said that there are “great opportunities to develop public-private partnerships in this area to truly close this informality gap in the region.”
Source From: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
