The Blackberry Auditorium is usually the setting for the best electronic music events, a genre that combines creativity and technology. However, between September 10 and 13, this auditorium of the Condesa colony hosted one of the most influential fintech events in Latin America: the Finnosummit Mexico 2019.
Fintech, like electronic music, combine creativity and technology. This sector broke into financial services for several years, and there is currently a Latin American boom. Banks have recognized the potential of startups to improve the customer experience; governments have seen the need to create a regulation, and the first unicorns – like Nubank – begin to appear.
These actors, who have played a vital role in the consolidation of the sector in Latin America, were present at the Finnosummit Mexico 2019. For three days, attendees were able to enjoy the more than 100 conferences, talks, and exhibitions of the leading experts in Fintech, in addition to listening to the pitch of those seeking to innovate in the sector. These were some of the highlights of the event.
Big tech must have the same regulation as banks.
In his participation, Ángel Rivera, vice president of Commercial Banking of Santander Mexico, expressed his concern to create homogeneous rules for large technology companies such as Google, Apple or Facebook, which have also created financial products.
“Regarding the big techs, in the end, what we have always asked for is an even regulation, a regulation similar to that of the banks.”
The main concern of the manager of Santander Mexico is the handling of customer information.
“The banks have been and are guarantors of the security of our clients, we do not commercialize the data, and that is why the’ regulator’s concern with the arrival of some of these big techs that have commercial objectives different from the banks,” he said.
He added: “If they are going to compete in the world of payments, what we want is for the regulation to be even, that the financial entities that have these new companies have, and we are open to competition.”
Ángel Rivera celebrated the presence of greater competition in the financial sector and mentioned that Santander has participated in promoting it through an alliance or investment in Fintech. He commented that, globally, they have a fund of 300 million pounds to support these types of companies.
“Regarding fintech, we are collaborating; we do not see it as the competition but as a complement to the development of solutions … we are encouraging that collaboration,” he said.
“We invest in the capital of some fintech; we do it in Mexico, England, and Spain; The idea is to support all that digital transformation because what we are looking for is to serve the customers,” he said.
In the case of Mexico, he said that there had been small investments in local fintech. “Today we work with this ecosystem more directly.” and proof of this is the companies that developed their Tap app, with which money can be sent from networks social.
Fondify, winner of the Radar Santander 2019
Santander also participated in the Finnosummit through the Santander radar, a competition between fintech, whose winner it supports. This bank sponsored the contest for the second time.
The startup winner of the Radar Santander 2019 award is Fondify, specialized in collecting and managing resources for social causes while offering sustainability through a technological platform.
Fondify competed with five other fintech finalists in the contest. The startups held two pitches sessions that were held at the Finnosummit Mexico 2019. The entrepreneurs exposed their causes and intentions. The judges of the competition opted for Fondify, a financial technology company, which is based in the city of Guadalajara, in the state of Jalisco. This fintech has as its mission the search and financing of associations, projects, and causes with a deep social sense, through which substantial changes in all strata of society in Mexico can be operated and implemented.
Corin Robertson, ambassador of the United Kingdom in Mexico; David López, technical vice president of the National Banking and Securities Commission (CNBV); Ángel Rivera, vice president of Grupo Santander México; Javier Castrillo, deputy general manager of Santander; Carlos Marmolejo, executive director of Innovation of Santander and Alejandro Maldonado, director of Innovation of the same institution, were the synodal of the contest that this year brought together more than 70 proposals and whose objective is to promote technological and digital innovation in Mexico.
The other finalists of the contest were Paynom, a company specialized in payroll advance loans; Compare it, whose business lies in presenting mortgage loan options; SME District, which serves the SME market in terms of credit options; Fingame, which through a playful process offers financial and savings plans, and Finauta, a bot analysis and business plans.
Fondify won a trip to the United Kingdom, where the Innovate Finance event will be held in April next year, bringing together the most emerging companies in the fintech industry in Europe. In the same way, and like the five finalists, it will have the advice and mentoring by Santander to develop and optimize its services.
Radar Santander 2019 is an innovative program that seeks financial and technological solutions, as well as new businesses aimed at transforming the financial industry and positively impacting banking users in Mexico. In particular, thanks to this initiative, the winning Fintech has the opportunity to participate in an incubation process with Bank experts and strategic partners.
In its second edition, this year Radar Santander expanded its coverage, and three communities were chosen where Fintech entrepreneurship is especially active: Guadalajara, Monterrey and Mexico City. This methodology allowed Santander to meet the best entrepreneurs in the country face to face.
More than 70 projects were applied to the initiative, Demo Days were held in the three cities with presentations of more than 15 Fintechs.
MOYO AI, finalist of BBVA Open Talent 2019
MOYO AI won the 2019 BBVA Open Talent contest in Mexico, after competing with six other finalist startups. MOYO AI is an alternative credit rating tool. The startup measures the intention to pay, building the trust that financial institutions request from their clients.
The startup will represent Mexico in the global final of BBVA Open Talent 2019, in Madrid. MOYO AI will have the opportunity to present its project to international investors and receive investment.
During the final held at Finnosummit Mexico 2019, Marce Zetina, Head of Open Innovation and Open Banking at BBVA Mexico recalled that this is the 11th edition of the international competition.
“We are pleased because we have improved year after year” and mentioned that making the award in “the most important week in entrepreneurship and fintech in Mexico” is a pride.
In the BBVA Open Talent contest, more than 800 startups from 90 countries participated this year. The startups come from countries in developing economies such as Argentina, Peru, Turkey, Paraguay, Colombia, Uruguay, and Mexico. Moyo AI will be the representative of the country at the end of this year.
“The whole team is pleased that BBVA and the entire community have recognized the effort we are making to bring finances to the most disadvantaged segments,” said Carlos López, founder of MOYO AI, who said he was delighted with the award.
The finalists startups were: Baubap, a platform for the processing of microcredits through the cell phone; Zendal, a digital comparator to customize a car insurance policy; MOYO AI, a tool that qualifies the intention of paying people; Acorn Insurance, solution to initiate a retirement savings plan; Blue File, which automates the integration of files; and Aleph, which through savings helps to get the hitch for a home.