The Inter-American Development Bank (IDB) prepared the first Argentine fintech market report. The study allows us to look at the role of these local financial ecosystem businesses and is a detailed radiography of the potential of the sector. One of the most interesting data is the participation of companies dedicated to technology and finance in business. 24% of companies offer loans, 20% pay through payments, 20% use B2B services, develop 11% development applications, 8% insurance, 8% blockchain and cryptoactive, 6% crowdfunding and 3% computer security.
The document highlights the potential of these companies for the following years. "Fintech Argentina is creating a new paradigm for access to new financial services and experience, improving customer behavior changes and accepting new business models that support innovative technologies, thanks to this new product and service service, which offers a range of services and services in Argentina. They're doing it, "said the report. He underlined how access is seen to be excluded from traditional banking systems. The document states that "billing and investment levels, despite growth, have not been seen in other regional ecosystems, which still boosts the ongoing activity and the arrival of the room."
The Argentine fintech analysis was developed with Afluente, one of the most recognized companies in the sector and with Accenture. He also supported the Argentinean Fintech Chamber. "The efforts made throughout the industry have put the map of the entrepreneurial segment that is being spoken in the world by the Argentinean," said Alejandro Cosentino, Afluent. According to the study, 52% of companies will invest a million dollars in the coming years and 75% will repeat their business in other countries in the region. Eight out of ten companies calculate more than $ 500,000 to start billing and from ten to ten out of 2021 users may accumulate more than 100 percent of their percentages on the current base.
A point that concerns the sector is by regulation. This report indicates that there are no specific regulations for this activity at this time. "In Argentina, for the time being, the position is unanimous and clear: they do not regulate the Fintech industry. The representatives of the companies also assure that the basic elements that appear in the Civil Code and in the National Constitution are necessary." The current sector of the Central Bank is very small and does not risk. The monetary authorities believe that this goal is to boost growth and then assess the need to apply a certain type of regulation or specification of activity.
Gender equality was another point that was not made unnoticed in the report. It was said that hiring women in the sector is undoubtedly one of the biggest challenges. The reference to the activity assures that there are few women with knowledge of Fintech, especially in systems and programming. This leads to lack of balance for development teams.