On Thursday 12th November, the virtual meeting FINNOSUMMIT Hour was held, bringing together all those professionals from the Fintech and Insurtech industries, to talk and debate about the opportunities in the current global environment and their repercussions in Latin America.
The sixth edition had the participation of Simon Torrance, Senior Advisor of the global innovation group Rainmaking and member of the Executive Working Group ‘Accelerating Digital Transformation’ of the World Economic Forum, in a keynote speaker moderated by Fermín Bueno, Co-Founder & Managing Patner of Finnovista, who talked about embedded finance, what are its opportunities and also its possible threats for the Fintech sector.
Most companies tend to spend most of their time trying to improve their existing business model digitizing it, but most of the innovation happens in other places which tend to be more platform-based business models and, if their are executed effectively can be very powerful.
Embedded finance is about enabling more of this digital platform business models and improve de digitalization existing business. is about abstracting financial services functionality into technology to enable any product product/service provider o developer to seamlessly integrate innovative financial services into their customer propositions and experiences. For example UBBER, offering bank accounts for their drivers, insurances been connected to devices based on the behavior or WeChat in China offering many financial services for their customers.
“There is a great innovation around the world, and also in Latin America, that is developing applications and solutions that offer financial services although they are not financial entities.” said Torrance, who also answered live questions from the audience, a new opportunity brought by FINNOSUMMIT Hour for attendees to clear doubts and interact with the speakers.
The pitches of four startups alumni of Startupbootcamp FinTech Mexico City
To put an end to this fifth edition, and as in each FINNOSUMMIT Hour, innovative Fintech startups of the region presented their solutions and evolution to the Finnovista community of innovators.
On this occasion, the chosen ones were alumni of the Batch III of the Startupbootcamp FinTech Ciudad de México; Andrea Segura, Co-Founder & CEO of Alfi, Alex Morgan, CEO of Hubex, Óscar Roque, CEO of SB Fix and María Luz Martínez of Vale Pay.
If you missed the event live, here you can see the broadcast of the event: