Miami, July. Business opportunities by mobile money based international remittances, P2P and micro payments are showing big potential in the Latin American market.
According to GSMA, mobile money based international remittances is the fastest growing product by transaction volume (+52%) for the second year in the row in Latin America.
A study from Juniper Research has found that international remittances, including airtime top-ups via mobile phones, will exceed $25 billion by 2018, up 67% from an estimated $15 billion in 2015.
Remittances received from Latin America reached 65 million in 2014 (BID) as the regulatory environment is becoming friendlier for investments and new business.
In fact, Mexico is the recipient of one third of total remittances received from Latin America. Just last week, the Mexican Government launched a National Policy on Financial Inclusion and a National Digital Strategy program which included a call for the country to use technological innovation for financial inclusion and reduce the use of cash.
According to the World Bank, only 51% of population has a bank account in Latin America.
The unbanked segment stimulated by a friendly policy for digital money and financial inclusion especially in some countries like Mexico, Colombia or Peru, promise renewed opportunities for small and/or dynamic companies and startups to open up for new alliances and partnerships.
One example is Mimoni the “largest online short-term consumer lender” for the unbanked in Latin America.
The product created a scalable statistics- and technology-centric process that can instantly and accurately predict credit risk for the 60% of the Latin American population. Mimoni's ability to instantly provide very small loan amounts for a short time disrupts the existing multi-billion-dollar short-term loan providers for the unbanked.
Another example is Mobilelender Bank, a mobile platform able to offer financial services through a smartphone, offering products such as micro-loans and even launching shortly banking and debit accounts.
Gabriel Manjarrez, CEO, MiMoni and Rodrigo Cobos, Co-Founder and CEO, Mobilender will present their innovations at M2Banking & Fintech Latam. The conference will be held in Silicon Valley, this August 17th & 18th.
Latin America´s fintech and mobile banking sectors will reunite in Silicon Valley to discuss and analyze how these and the latest digital channels, specially mobile, are transforming the banking sector from financial entities into digital solutions providers.
Some of the confirmed speakers include: Daniel Ayala, Global Banking and Payments Professional, Wells Fargo; Fausto Valencia, Director, Innovafics; Claudio E. Fiorillo, Socio, Consultoría, FSI Latco Leader, Deloitte & CoS.A.; Gabriela Báez, Director Business Consulting, Everis; Guilherme Stocco,Head of Strategy and Innovation, Banco Original y Miguel Felipe Valero Cañas, Director Banca Digital, Banorte.
The program includes topics such as state of the art of fintech and mobile banking in Latin America, keys to engage millennials, venture capital and financing for fintech projects, microfinance and microcredits for the unbanked.
This is a BayPay-sponsored event! Sign uphere with discount code "BP50" to get 50% off of this event!
Frecuencia Latinoamérica: For the last seventeen years, Frecuenciaonline has been the voice of the mobile industry in Latin America. The news portal covers all issues pertaining to the value-added services, mobile content, entertainment and mobile applications industries in the Region. M2Commerce Latam News, a subsidiary of Frecuencia Latinoamerica, is the regional news portal covering the convergence between financial institutions and mobile operators as they provide new services to their subscribers.