What are Fintechs? The revolution that promises to democratize the financial market

Fintech companies, seen by many as “the Uber of banks”, are positioning to renew the financial sector and they have come to renew access to credit...

Fintechs are a global revolution with companies that develop new applications, processes, products or business models in the financial service industry which are open to the public on Internet. They contribute to democratize the financial market, providing open credits to individuals (bank or non-bank customer), SMEs and entrepreneurs who may suffer delays due to traditional financing requirements. Yesterday, the UNAJE (Argentine Union of Young Entrepreneurs) meeting was held at the Hipódromo de Palermo to offer young people a comprehensive view of financing, covering both the public and private sectors and showing them it’s exponential growth in recent years and how the Fintech market changed (technology applied to finance). In Argentina, the sector is still emerging but growing steadily.

For their part, representatives of traditional financial institutions highlighted the need for them to update in the face of new demands and the emergence of on-line credit methods. Matias Friedberg of Grouit, Martín de los Santos of Mercado Libre, Stefano Angeli of TSA Banking and Mario López of Moon Money Online were present for the Fintech sector. The focus centered on offering a view of the Fintech ecosystem of the country. It is a new opportunity for effective financing that is considered a truly inclusive solution. According to the panelists, the facilities that digital financial solutions allow will achieve a greater participation of people in the financial system and an immediate access to credit. At the end of the event, Matías Friedberg, Co-founder of Ixpandit and Grouit, enthusiastically concluded that “the Fintech ecosystem is an opportunity for the country” and he stressed the importance of collaboration from all parts of the financial system, the regulatory bodies, the banks, entrepreneurs or even universities, to make Argentina “one of the technological poles of the region.”

The public sector panel was composed of three speakers: Pablo García, President of BICE, Dr. Agustín Pesce, Vice President of Banco Nación and Juan Curuchet, of Banco Provincia. In addition, the speakers in charge of bringing the perspective of the private sector to the participants were Anna Cohen, CEO of Cohen and Gastón Eckelhart, Director of Bind. The event included spaces for young entrepreneurs to approach speakers and meet peers betting on closer ties within the finance ecosystem.

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