Good Evening Readers,
I’m currently sitting in a lovely little Peruvian restaurant reflecting on my time in Latin America during this trip. I am about 32,000km in and really pleased with all of my meetings thus far – only a few left before I get to catch up on some sleep.
Peru is an interesting market for FinTech. Online lending appears to be the most dominant segment. However, financial inclusion is definitely top of mind with just 2 of 10 Peruvians having a bank account. Contradictory to that fact, smartphone penetration in the country is incredible and is definitely driving a lot of mobile focused innovation. This presents a huge opportunity for banks in the region!
During my meetings, I noted many of the incumbent banks are still in the process of organizational and process restructuring. Until then, most are lacking the agility to move fast in our dynamic FinTech space. Having said that, all banks are committed to this process and in Moven they just have found the partner that can help them stay ahead in the race. After all, we do go live in as little as 12 weeks with limited resources required from our partner banks.
I must say I’m sad to be leaving Latin America for now… However, I know I will be back soon! Stay tuned for my next post from Amsterdam, Netherlands – my birthplace and second home.
Chau from Peru,