Intelligent CIO LATAM Issue 15 | Page 12

NEWS

FinTechs are on the rise while the number of bank branches is falling also in Mexico , which started its operations this year in Colombia with an initial investment of US $ 80 million .

The emergence of a diversity of digital channels has caused the closure of bank branches in the last three years , and the pandemic has been the main reason for this phenomenon .

According to data from Finnovista ,

Colombia is the third largest ecosystem of FinTechs in the region , behind only Mexico
and Brazil .
The increase in FinTechs of different verticals
is due , among other reasons , to the good
numbers presented by the Colombian
economy that , according to reports from the
Organisation for Economic Co-operation and
Development , is the country that will grow the
most in 2022 among nations that make up the OECD . Moreover , until 2023 , Colombia will continue to lead growth in the region .
The arrival of referenced FinTechs in the region has been another reason for digital banking becoming a real option for consumers .
An example of this is Ualá , a company of Argentine origin present in Argentina and
According to the latest operations report from Colombia Financial Superintendence ( SFC ), 6.9 % of traditional bank branches closed in 2020 . In 2021 , the entity reported the exit of 3.1 % of branches from the market .
In parallel to the phenomenon of the decline in the number of branches worldwide , the FinTechs industry is growing . IDB data shows that the industry doubles in size every three years in Latin America and the Caribbean .
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Zoho announces landmark investments

Zoho Corporation , a leading global technology company , has announced that it achieved a 38 % year-on-year growth rate and surpassed the 80 million user mark for its services .

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Along with its ongoing global expansion , the company continues to grow its product portfolio , while also announcing investments in automotive , robotics and healthcare technologies .
Zoho also celebrated the opening of 59 new offices in rural areas and small towns , to expand into new markets and further support local communities .
The announcement , made during ZohoDay , an annual summit that Zoho organizes with analysts from around the world , confirms the company ’ s commitment to developing resilient solutions that support all businesses , many of which have been negatively affected by the recent economic disruption .
Sridhar Vembu , Executive Director , Zoho , said : “ We have long felt that we have a responsibility to the communities and world around us , whether it is providing job opportunities to those with less access or delivering products that help businesses grow to their potential . Our focus from Zoho ’ s inception 26 years ago remains true today : To cater to individuals and businesses and lower their barriers to entry . By delivering products that are cost-effective , yet made to be scalable and localized to regional offices , Zoho has built its business on being a partner that helps people thrive . Our success is your success and vice versa .”
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