Strengthening the 'Fintech' digital ecosystem in Panama

The isthmus has taken advantage of the current situation to strengthen this sector, moving towards the possibility of becoming the first technological hub in Central America.

 

Panama is currently ranked 66th out of 141 economies evaluated that provide access to new technologies, according to the 2019 Global Competitiveness Report, prepared each year by the World Economic Forum (WEF). It is undoubtedly good news for the country, especially now that it faces challenges in terms of technological and digital development with the appearance of covid-19, which accelerated digitization in various areas of the economy, generating the need for expand electronic commerce to facilitate purchases This situation, according to experts, opens the doors to a digital revolution that is underway, where new players are capitalizing on opportunities within the financial system to digitize their services and provide new tools to the population that does not have access to traditional banking payment mechanisms.

 

Javier Buitrago, general manager of the virtual wallet Zinli, affirmed in an interview that the fintech industry is based on principles of collaboration, since no single company has all the tools to meet the needs that the development of a technological project entails.

 

“When we created Zinli, we set out not only to look for the best allies to develop a digital wallet that meets the needs of users, but also to invite these allies to explore the opportunities that Panama offers and go hand in hand in growth and development. of the country's fintech ecosystem ”, commented the manager.

 

The executive added that financial technology companies have the goal of overcoming one of the main challenges in the region, which is promoting financial inclusion.

 

"Achieving this is only possible through the development of solid alliances that allow the creation of a harmonious ecosystem where everyone contributes the best of each one, to together create a robust, friendly and secure solution, such as digital wallets, where the user the only thing that You need to have a smartphone and an identity document, ”Buitrago emphasized.

 

According to recent information from the Inter-American Development Bank (IDB), the five countries that dominate the fintech ecosystem in Latin America are Brazil, Mexico, Colombia, Argentina and Chile.

 

However, for some years now, people have been talking about the opportunities that exist in Panama to promote this sector and how the isthmus has the potential to become a technological hub.

 

Regarding the case of Zinli, it is “an inclusive digital wallet, designed to send and receive dollars instantly, from and to any part of Panama, in an easy, reliable and secure way. For this objective to be possible, in the ecosystem of this app a series of international fintech interacts who found in Zinli an opportunity to get to know the Panamanian market.

 

Among them are: Mati, Novopayment, Fluidattacks and Ceptinel; each one from their role is key to the functioning of Zinli ”, the executive explained. Cristian Ali, regional director of KIO Networks for Central America and the Caribbean, in an interview with this medium recognized that companies must have a long-term vision and a strategic growth plan that includes the implementation of technological innovations to advance.

 

“This allows them to update, grow, have adequate improvements in their processes, offer better support and customer service, and be more competitive and productive. In short, improve their services, income and profits ”.

 

At the same time, he added that risks and threats may arise that, in the Panamanian case, could have serious repercussions on the production model. Experts insist that companies should strengthen their security systems in the cloud. "

 

According to Ramón Martínez, Minister of Commerce and Industry of Panama, the country has great potential as a digital hub or as a point of convergence that supports technological development in Latin America and the Caribbean. "

 

The development of the hub can be complemented with the development of first-rate financial products, and he valued as another aspect in favor the recent announcement of the technology company Google to expand its fiber optic network to Panama, ”Martínez stressed during the forum: 'Government and digital infrastructure for regional integration ', organized by the Development Bank of Latin America (CAF).