Panama is beginning to approach the Financial Technology Industry, also known as FinTech. This industry contributes to inforce innovation and competitiveness in the financial needs of the country.
These new models of business, that use digital technology as grounding, are an important opportunity to accomplish financial inclusion in Panama, considering it already has a sophisticated financial industry.
Traditional banking is currently going through the investment and digital transformation process. There are about 10 startups that offer solutions to the financial challenges the country has, such as, better access to credit. Promoting a financial scheme based on technology is a challenge as well, which is why there’s a Lay project on its way to be approved, that permits the modernization of the financial system of Panama.
To motivate the participation and investment in the industry, The Fintech World Challenge was created, promoting the development of Fintech in the country and training the initiatives to considerably increase their impact. It will take place in the month of june and it’s open for startups that are developing digital technology for the financial industry.