#MovenAroundTheGlobe: Buenos Aires
Buenas Tardes from Argentina!
Welcome to the latest edition of #MovenAroundTheGlobe. Today, I’m in sunny Buenos Aires where I’ve just finished a full day of meetings and I’m sitting down to have a glass of Malbec. I’m just starting to feel a bit of jet lag realizing that I’ve clocked 16,500 km so far and I’m only just getting started!
In my pre-meeting preparations for this trip, I noted that financial inclusion and alternative financing were top of mind for the banks in the region. Additionally, I managed to get my hands on a report which concluded that “80% of organizations [in Argentina] expect to partner with a fintech in the next 3 years.” With this information in mind, I was very excited about this leg of the trip.
I was able to meet with 3 banks today and during those meetings I quickly understood that Argentina is becoming a hotbed for fintech/bank partnership. Not only that, during my meetings today, I also noted that the opportunities were far greater than anticipated. For example; 50% of Argentinians are considered unbanked. In addition, only 20% of Argentinians have a credit card to make (international) online payments. This resulted in one of the most successful FinTech startups I have come across in recent times where a small firm (16 people), which is a spinoff from one of the country’s leading banks, formed a partnership with PayPal, linking them to all bank accounts in Argentina, creating a new payment eco-system. Within 5 months they were break-even. The next step is to discuss with Moven how we can assist them improving overall financial literacy and create a financial wellness platform for all Argentinians. Our wishlist and savings features are a perfect fit by the looks of it.
If you’re looking for an interesting market where fintech/bank collaboration is a hot topic, Argentina should certainly be on your radar. I’m sad to leave… but excited to share my next post from Santiago, Chile! Stay tuned.