FINCONECTA: Building bridges between financial institutions and FinTech
BRUSSELS, 5 July 2017 – WSBI recently announced that it is collaborating with the Inter-American Development Bank (IDB) and Above and Beyond (A&B) within the context of FINCONECTA.
In the framework of the collaboration, WSBI hosted a webinar on 12 June in which members from the Latina America and Caribbean Regional Group (GRULAC) and FinTechs – mostly from Europe – participated. Representatives from FINCONECTA will also participate as speakers at this year´s GRULAC Annual Assembly in Lima, and possibly WSBI will also be present at the programme`s results announcement in Buenos Aires.
FINCONECTA is a programme aimed at creating the first interconnected system of solutions in Latin America and the Caribbean between innovative financial institutions (FI) and and leading financial technology companies (FinTechs). Under the coordination of A&B (the latter commissioned by the IDB to manage the program), it includes a process of connection, merger and acceleration between the FinTech (global) and FI (Latin American only) to collaborate and drive the responsible growth in the industry. Participants will interact through a single platform, FORWARD allowing FIs to evaluate multiple technology solutions provided by the FinTechs and adapt them to their needs. FinTechs will have direct access to financial institutions and contribute to the digitisation process in Latin America and the Caribbean.
By connecting financial institutions to FinTechs, the IDB group hopes to drive rapid prototyping, collaboration and interoperability among the ecosystem players, financial institutions and FinTechs. The results of the programme will be announced in the context of Foromic 2017, to be held in Buenos Aires in November 2017.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source oflong-term financing for economic, social and institutional development in Latin America and the Caribbean.The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.