Fintechs seek to leverage innovative systems (alternative or complementary) to the traditional banking system. With more than 220 fintechs, Brazil explored the options of this new dynamism. Led by the executives Rodrigo Soeiro Ubaldo (Allgoo), Paul Deitos (Urbe.me), Bernardo Pascowitch (Yubb), José Prado (Fintech connection), Mathias Fischer (Meu Cambio) and Ricardo Motta (Cariocas), the ABFintech – the Brazilian Association of Fintechs- was launched yesterday!
The ABFintech is based on three pillars: generation of businesses for its members, dealing with regulators and creation of positive social impact. It will develop actions that can contribute to the consolidation of the ecosystem, the expansion of the market and the internationalization of the members in order to put Brazil ahead within the Fintech global scenario.
“Fintechs have the potential to transform the way people and businesses are related to financial services. The domestic market is very promising and is not behind other international markets. However, in such a competitive market, it lacked unity of our forces. This is the first chapter in the transformation”said Paulo Deitos (Urbe.me), co-founder of ABFintech.
The association will also be a bridge between potential clients – companies, banks or
final consumers – and startups. In this sense, beyond regulatory matters, ABFintech looks for promoting and organizing events and fairs for the B2B and B2C public. “In some cases, it is more important for the FinTech to approach a customer than an investor,” recognizes Rodrigo Soeiro Ubaldo (Allgoo).
This is great news for the Latin American Fintech ecosystem! Brazil joins Mexico, Chile and Central America that have also created a Fintech association to empower the market of the region.