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MIF announces first integration program between FINTECHS and Financial Institutions

Feb 27, 2017

In the context of the 2017 World Mobile Congress, the IDB's Multilateral Investment Fund (MIF) announced the creation of FINCONECTA, a program that integrates solutions between technology companies (FinTechs) and financial institutions (FIs).

FINCONECTA is a 10-month program that hopes to promote financial inclusion. Under the coordination of Above & Beyond, it includes a process of connection, fusion and acceleration between FinTechs and FIs so they can collaborate and drive responsible growth in the financial industry. Starting in April 2017, registration on the platform will be open to all types of FinTechs and IFs.

Participants will interact through a single platform, allowing FIs to evaluate multiple technology solutions provided by the FinTechs and adapt them to their needs. FinTechs will have direct access to FIs and contribute to the digitization process in Latin America and the Caribbean.

The results of the program will be announced in the context of Foromic 2017, to be held in Buenos Aires next November.

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.

About Above & Beyond

Above & Beyond (a&b) is a company dedicated to supporting financial institutions in defining and executing efficient digital transformation strategies. a&b provides the integration technology, as well as the technological platform, for its implementation.
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FINCONECTA: Building bridges between Financial Institutions and Fintechs

When it comes to financial inclusion, the Latin American and Caribbean (LAC) region is no stranger to innovations coming from the outset of the formal financial sector. In fact, microcredit and agent banking are prime examples that illustrate the willingness of both regulated and non-regulated institutions to adopt creative new solutions in the quest to improve access and quality of financial services for certain underserved sectors of the population. Successful innovations such as this have become intricately woven into the fabric of formal financial systems in the region. However, in the case of Fintech, the situation is different. A Fintech innovation goes beyond simply improving an existing financial service or enhancing back-office operations; it can be way more disruptive, nimble and massive than that. It can create an entirely new type of institution or even a completely new concept, testing new ways altogether for interacting with clients.
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