The LATAM RegTech landscape is at a ‘pivotal moment’ characterized by rapid evolution and significant potential, ResearchAndMarkets.com reveals.
By addressing existing challenges, such as regulatory fragmentation and limited awareness, the region can capitalize on emerging opportunities for growth, the report says.
The continued teamwork between governments, banks and tech companies is important for creating a strong system for regulating technology in Latin America. This, the report says, will help ensure that rules are followed and that more people have access to financial services.
ResearchAndMarkets.com recognises RegTech as becoming more popular in LATAM.
Several RegTech companies have recently launched innovative solutions in the LATAM region and the report references strategic partnerships as critical for the growth of the RegTech ecosystem, citing the specific example of a collaboration between Inswitch and n1co as represents a significant advancement in digital payment capabilities across the region.
This partnership focuses on enhancing financial inclusivity in El Salvador by providing streamlined digital KYC processes and enabling users to access Visa debit cards for local and international transactions. Integrating their services, Inswitch and n1co aim to empower individuals with better financial management tools while fostering broader access to financial services.
The Mexican government is also cited as proactively established partnerships with local RegTech firms through initiatives like the National Strategy for Financial Inclusion encouraging collaboration between regulators and technology providers to develop simplified compliance solutions.
