The presentation of the Finconecta program, a collaborative platform that hopes to develop technological solutions between financial institutions and companies offering technology-based financial services (FinTech), was held at Universidad del Pacífico last April 6. The event was attended by experts in digital subjects, members of banking and insurance associations, spokespeople from regulatory agencies, representatives of financial companies, technology-based entrepreneurs, as well as various consultants from both Peru and abroad.
"It is an opportunity to show what is being done in Peru, what can be done and what Peru represents as a potential for technological transformation in the region. We are a relevant economy because of our solid macroeconomic fundamentals, but we will only continue to be relevant in the future if we apply technology to financial services," explained Javier Salinas, director of Universidad del Pacífico Center for Entrepreneurship and Innovation (Emprende UP). Emprende UP will work with Finconecta, a program supported by the MIF, member of the IDB group and coordinated by Above & Beyond.
The term Fintech is a compound word that derives from the union of two terms in English: Finance and Technology. It groups all those companies that offer financial services based on technology. In the world, especially in Asia and Europe, FinTechs are revolutionizing traditional finance, allowing banking, insurance and other companies to introduce innovations in their payment processes, transactions, online banking, virtual wallets, and financial security and in the development of new markets, among other areas.
Finconecta will promote the development of the FinTech ecosystem, offering a ten-month program for FinTechs to integrate their technology into the financial services offer. The Fintech participants and financial institutions will be able to interact within a virtual platform, where they will be able to join efforts to develop innovations in their products or services. On the one hand, financial companies will access the many technological solutions offered by the FinTechs, but adapted to their needs. On the FinTechs side, they will have direct contact with financial institutions to participate in their digital transformation projects. Participation is open to Fintechs and financial institutions in Peru and worldwide.
Sergio Navajas, Senior specialist of the Multilateral Investment Fund (MIF), Jorge Ruiz, Founder and CEO of Above & Beyond and Javier Salinas, Director of Emprende UP
"Finconecta is looking for the region to rapidly advance in the creation of a Fintech ecosystem connected and efficiently integrated into its financial systems," highlighted Sergio Navajas, senior specialist at the Multilateral Investment Fund (MIF). "The innovation that Fintech brings about can dynamize the provision of financial services in an extraordinary way, so it is important to support its consolidation," he added.
Jorge Ruiz, founder and CEO of Above & Beyond, with experience in digital transformation in banking, will be in charge of coordinating the program, which includes a process of connection, merger and acceleration between FinTechs and financial companies. "This program offers many benefits for everyone. In terms of interaction, Fintechs and financial companies will be able to participate. In terms of integration, financial companies will be able to present their needs, seeking to make the "match" with the solutions offered by FinTechs. Once they both perfect their solutions, they will be integrated into the Forward platform", says Ruiz.
The Forward platform, which Above & Beyond will make available to financial institutions and FinTechs, will be like a sandbox in which both companies will develop, evaluate and execute technological solutions in a secure environment that could later be released to the market. Registration to participate in Finconecta begins on April 23 and ends on May 19. Out of more than 500 FinTech expected to participate, a total of 45 will be selected for the 'matching' process with the needs of financial firms. Out of this number, 15 will be chosen for the acceleration process, which will integrate the technological solution offered by the FinTech to the financial institution. The final products will be presented between October 31 and November 1 in the framework of Foromic 2017.
The Financial institutions interested in the process can contact Finconecta.com