6 Conclusions of the Lima Fintech Forum

Alerta Economica – 6 Conclusions of the Lima Fintech Forum

Original Article By: Alerta Economica

6 Conclusiones del Lima Fintech Forum 2018

Escribe: Luis Barragán Scavino

Director Gerente de MAXIMIXE TIC

Miraflores May 11, 2018. On Thursday, Thursday, the Lima Fintech Forum 2018, organized by Emprende UP , brought us many novelties and challenges for the Fintech sector in Peru. The day began with the presentation of the Deputy Superintendent of Research and Development of the Securities Market Superintendent, Carlos Rivero, who gave a very detailed explanation about the Fintech market in Peru and commented on the importance of encouraging this market that brings innovative solutions such as financial applications of loans, capital raising or crowdfunding, robbery advisors and blockchain. Without a doubt, they have a clear vision of the needs of the Fintech market in Peru.

Then came the presentation of Alejandro Amicone of Accenture Peru, who presented the Accenture technological vision for 2018 and the main trends that they visualize that are Citizen AI, Extended reality, Data veracity, Frictionless business and Internet of Thinking. Next, Daniel Yuste from the design consulting firm Designit was presented, who showed how they managed to design a new digital bank for Bancolombia called www.nequi.com and how they designed the new laboratory agency called  BCP LAB of the largest bank in Peru, no doubt two references in the region very important.

Afterwards, Allen Cueli from VISA presented his new vision of the collaboration ecosystem with Fintech, which contains a series of integration modules called API that will allow Fintech to quickly integrate with the processes of the VISA world. They have a contest called Visa Everywhere Initiative that together with Wayra selects the best Fintech in the region to integrate with VISA.

Then, Daniel Kam of the Fintech Bucket Technologies of the USA, presented his solution based on blockchain to reduce the use of coins, which works in the points of sales of stores that when using this technology the return in coins is transferred to the account of the client directly via blockchain. A very innovative idea to reduce the use of coins in the world.

The Japan International Cooperation Agency (JICA) presented its case of crowdfunding to small and medium entrepreneurs in Peru, which was very well supported with research conducted in the SME market in Peru that will undoubtedly improve this financing system of the small businessman.

Then came the expected panel of banks that was moderated by the president of MAXIMIXE , Dr. Jorge Chávez Alvarez, who through well-selected questions managed to get the main banks of Peru to show their opinion on the Fintech. BBVA, Scotiabank, BCP, Interbank and Mibanco participated, making it clear that the banks still consider the Fintech competition very small, but all of them agreed that thanks to the Fintech the banks have become more agile and are innovating strongly and evaluating the integration with the Fintech ecosystem in Peru and the world.

In the afternoon Francisco Estevan of the Spanish accelerator InnSomnia, who have managed to develop a platform to help the Fintech to internationalize and at the same time incorporate the main banks of each country in the region to its platform to integrate with the best Fintech of the world. A very clear and ambitious vision that will undoubtedly be able to accelerate the Fintech market in Peru. Then came the presentation of KPMG that surprised with a new platform called Matchi that consists of a global database of more than 10,000 Fintech in the world that is made available to banks globally to facilitate the integration of banks with the Fintech

Then there was Miguel Herrera from Quona Capital who specialized in the global Venture Capital market of Fintech, who presented figures of the VC market at the regional level, where Peru is well below the averages in the region and which is required a greater acceleration of the ecosystem to attract more the attention of investors globally. Finally, Oscar Salas, the country manager of Afluenta in Peru, showed figures of a strong quarterly growth of 25% on average granting online loans and insurance at that rate soon banks will begin to notice better their presence in the market.

As a conclusion of the Lima Fintech Forum 2018, I would like to highlight the following points:

  1. A level of maturity of the Fintech ecosystem in Peru is clearly visible, showing solid growth figures.
  2. The market has become more competitive and there is still room for more participants.
  3. Regulators have a better understanding of the Fintech ecosystem and are clear that they must regulate by specific activity without limiting innovation.
  4. Banks are innovating more and more being more agile, innovating much faster than before and very attentive to the moves of the Fintech ecosystem in Peru and the world.
  5. Investors are attentive to the evolution of the Peruvian ecosystem and very attentive to new investment opportunities.
  6. The big accelerators are very active and growing the global Fintech ecosystem to internationalize the reach of Fintech.

If you found the article interesting, I would appreciate it if you can share it in your social networks and if you want to read more about the Fintech market you can do it in the following link.