Fintech with pears and apples

Of course! Here's the full Spanish translation of your article about the industry Fintech:

🍐🍎 Fintech with pears and apples

Las Fintech they are here to stay and not only that, but to complement financial services worldwide in a revolutionary way. First of all, it is mandatory to ask us the following: What are “Fintech”?

It is understood by Fintech to the industry where companies use technology to provide financial services in a way efficient, agile, convenient and reliable. The word is formed from the contraction of the terms “finance” and “technology” (Fintech Mexico).

Also, they can be understood as those that provide you with access to financial services from the comfort of your home, office or wherever you are, avoiding queues and tedious procedures of a traditional financial service; and for this purpose they use pages Web, apps and social networks.

Although it is an industry that has been developing in Mexico for some time, it was until March 2018 that the Act to Regulate Financial Technology Institutions.

The Fintech Act and its Key Difference

The Fintech Act (Act to Regulate Financial Technology Institutions) regulates the figure of ITF (Financial Technology Institutions), and we must understand that:

“Not all FINTECHs are ITFs, but all ITFs are FINTECHs.”

Continuing, with the enactment of the law, Mexico positions itself as a major Latin American driver in regulation; other countries that also have regulatory policies are the Netherlands, Abu Dhabi, Canada, the United Kingdom, Malaysia, Australia, Singapore and Hong Kong.

Services Offered and Overview in Mexico

Some of the services offered are:

• Crowdfunding (collective funding)
• Lending (loans online)
• Means of payment and transfers
• Cryptocurrencies and Blockchain
• Insurtech (technology applied to the provision of insurance)
• Trading (buying and selling shares)
• Personal and business finance management

Fintech it is an option with a great future projection —not too distant— for entrepreneurs who want to venture into a new field, and with great growth due to the great support of venture capital (Venture Capital) in industries like these.

In Mexico, according to Finnovista, in the last year alone —2019— the development of Fintech startups grew by 14% compared to the previous year, and today they employ more than 60,000 people in the country.

It was also detailed that of the financial technology companies —around 500 firms in Mexico— 70% are in Mexico City, Monterrey has 11% and Guadalajara has just 7%.

Examples are: Clip, Konfío, Kredfeed, Digitt, Bitso, YotePresto, Briq, Finerio, and others.

According to the study Reducing Cash Use and Financial Inclusion, it is expected that in two years, 55% of cashless payments will be made with digital cards -Mexican Institute for Competitiveness (IMCO) -.

On the other hand, if we are not supporters of entrepreneurship, as customers we can benefit from their low costs, speed, transparency and security both in our finances and in those of our business. The use of technology makes it possible to offer financial products with better utilities for users.

To summarize, Fintech is an industry with a lot of fields to be exploited, both in Mexico and globally; for this reason, it is important to continue breaking the paradigm of current financial services —not to mention traditional—, looking at Fintech who are here to stay and not only that, but also to benefit us both in our personal finances and in our ventures.