Past Events

Over the past two years, the Covid-19 pandemic has driven the need for digital financial services. The trend is particularly apparent in Latin America, which has turned into a new breeding ground for digital banks.

Speaking at an Americas Committee webinar on 21 April, Federico De Simoni, Head of Latin America at Flybits Inc, said over 40% of Latin Americans are unbanked and only 12% of the population has a “formal” savings account. The Covid-19 pandemic combined with a high smartphone penetration of over 80% have been the key driver of fintech success in the region, he explained.

A large population of Latin Americans have shifted to adopt e-commerce and online payment methods. He pointed out the region has witnessed a dynamic growth of its neobanks landscape, with more than 30 digital bank serving over 50 million neo bank consumers. He added the cryptocurrency boom has also caught the eye in Latin America with approximately 15% of the population holding or using cryptocurrency.

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