We are delighted to welcome Sebastián Olivera to our blog, one of the organisers of Montevideo FinTech Forum. We ask him why FinTech is a big deal in Uruguay and the region, and why you should think about this event if you’re part of the global fintech world…
Sebastián, tell us about MVD Fin Tech Forum…
The event will take place 7th and 8th of June in Montevideo. It will last two whole days and will gather entrepreneurs, regulatory agents, financial market institutions, Tech companies, press and local and international FinTech personalities. The Forum has secured major speakers such as Martín Vallcorba from the Ministry of Economy and Finance of Uruguay, Alejandro Cosentino from Afluenta, Kendall Flutey from Banqer and Igor Pesin from Fintech Investor and Partner at Life.SREDA VC fund, among others.
This has been a disruptive event since its conception, setting itself apart from other forums because of the social footprint each speaker is bound to leave. The main objective of the Forum is to boost Uruguay in the world of FinTech, promoting Uruguay as the best place to do business in the region.
We will bring together a group of people to share leading practice, knowledge and unconventional ways of profitably tackling financial problems. We empower others to be part of the event. What began as an idea for a small talk or lecture has evolved – and is still evolving rapidly – into a nationwide project.
Why is FinTech such a deal in Uruguay?
MVD FinTech Forum is the natural consequence of a new paradigm by which financial services are being accessible to everybody in Uruguay. Inclusive business, collaborative economy, transparency, better quality of information, and cost reduction are the main pillars in this new vision.
Uruguay has repeatedly been acknowledged as the best country to launch ventures in the region. Mercer has ranked Montevideo as the city with highest quality of life in Latin America and it is no surprise that it is being seen by many organisations as the ideal “hub” for software engineers.
Uruguay exported $300: of software in 2016; the highest amount per capita of the region.
Nowadays, our country even has a law that makes technology more inclusive, democratising access to financial tools. With all the digital infrastructure the country has created and the sponsoring innovative agencies such as Uruguay XXI, ANII, and Uruguay Smart Services, the focus is rapidly shifting towards FinTech operations.
- Can you give us some examples of Uruguayan companies that export FinTech services?
Many companies in Uruguay are working in FinTech and exporting services all over the world. New ideas are showing up at every moment and the FinTech market is diversifying to unknown extents. The major players in the Uruguayan market are Bankingly and Paganza. Bankingly consists of a multilevel platform that incorporates all electronic aspects of banking and financial activity. It is steadily gaining relevance and making the virtual facility the go-to place for customers. On the other side, Paganza is a platform that links your wallet with your bills, setting up reminders and paying your bills for you. It was awarded with the World Innovation Award in 2013 and has become the standard for electronic easy payment in Uruguay.
- What advice would you give foreign FinTech companies that want to expand into Latin America?
Come to us! Our motto ‘Let the world come to us’ is not just a phrase, it is our belief of how things are being done and are going to work in the future. Uruguay has all the conditions, both socio-political and cultural, to make any technological and financial venture prosperous. It has the people, the market, the stability and the projection needed to start a success story. It is best gateway to the region and a launch pad from which to jump to the rest of the world. We are a land of opportunities, we have everything to boost business, innovation and entrepreneurship. Each member of the ecosystem is committed to collaborate in the generation of both profit and social value. Would you like to be a part of it?
Montevideo FinTech Forum has kindly offered two two-day tickets to our Beyond Brazil readers, Twitter followers and Hummingbird subscribers. If you’d like a ticket, just email us at firstname.lastname@example.org, we will draw the two sets of tickets on 7th May, a month before the event!
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