We are excited to announce that our flagship identity verification solution, GlobalGateway, has expanded to cover six new Latin American countries, including Chile, Costa Rica, El Salvador, Colombia, Ecuador, and Venezuela.
For companies looking to enter or streamline operations in Latin America, GlobalGateway provides a quick, easy way to perform identity verification checks for these countries whose combined population is 127 million people.
Pardon the pun, but fintech in Central & South America is hot, hot, hot! There is a huge opportunity for innovation in the financial sector as only 51% of the population of Latin America and the Caribbean have a bank account. The traditional banking sector in the region is dominated by a few big banks, which leads to high-cost, inefficient services.
There’s an opening for fintechs to use the power of the internet and the spread of mobile phones to deliver innovative services. The region is host to the world’s first state-run electronic payment system, the Dinero Electrónico (Electronic Money) service in Ecuador. From 2016 to 2020, the number of new mobile internet subscribers is expected to increase by 50%, adding 150 million people.
With over 1,000 fintechs operating across Latin America, there is growing interest from international banks such as Citi, BBVA and Santander. The sector is also popular with investors, raising over $142 million in 2015.
According to an Oliver Wyman report, Harnessing the Fintech Revolution, there’s a $250 billion gap in financing for micro, small and medium size enterprises in the region. The report goes on to state, “this largely untapped market in LAC presents tremendous potential to drive profits and long-term business value.”
“The startup ecosystem in Latin America is really beginning to flourish,” states Zac Cohen, General Manager at Trulioo. “This presents tremendous opportunities for businesses, particularly those who operate online, hence the prioritization of payment infrastructure and gateways to support smooth and secure transactions while also minimizing the risk of identity fraud, tax evasion, corruption and terrorism financing.”
Download our brochure to learn more about GlobalGateway or contact our sales team to book a LIVE product demonstration.