Strong growth of fintechs in Colombia 

In recent years, Colombia’s growth has made it one of the most important fintech centers in the region.

According to Colombia Fintech, 344 companies are currently operating in the South American country.

According to a report by local media, this development was represented by 110 startups, 23 of which are from abroad and 87 from the region, which joined the Colombian Fintech Association last year.

Comparing the 200 active fintechs in April 2020 with those active today, there is a growth of 72% in two years.

With this data, Colombia has the third largest ecosystem in the region, behind Brazil and Mexico.

The growth has been partly driven by the Bitcoin (BTC) and Blockchain industries.

In the last 11 years, the Colombian scene has changed with the emergence of the cryptocurrency industry and blockchain-based projects.

In this sense, Colombia Fintech estimated that Colombia would have a growth outlook until 2022, but the current figure exceeds expectations of 12% in the growth of fintechs related to cryptocurrencies.

This reflects the public’s increasing preference for financial services not tied to the traditional banking system.

However, according to a report by LatamFintech, the lack of regulation of cryptocurrencies in Colombia could be a barrier to greater adoption.

The various projects to regulate the sector, such as the law regulating bitcoin and cryptocurrency exchanges and the Colombian Financial Supervisory Commission (SFC) project, do not appear to be on the government’s legislative agenda for 2023 and are unlikely to be supported by it, the report adds.

Bill 267, which regulates the exchanges, was passed by the Colombian House of Representatives last November and is now before the Senate for approval or rejection.

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.