the mif blog

Stories of inspiring entrepreneurs and organizations, discussion and commentary of new trends in private sector development, and the latest events and publications.

Artificial Intelligence to stop online fraud

By Irani Arraiz

I wrote some days ago about one of the selected FinTechs that will integrate to Finconecta―a 10-month pilot program in partnership with a&b, that FOMIN/IDB is partially financing. I wrote about the US$21.84 billion losses (in 2015) due to credit and debit card fraud worldwide. But this figure is just the tip of the iceberg.  

Conoce a las fintech en la mitad del mundo

By Guest

¿Sabías que Ecuador, desde la década de los 70, se ha distinguido por sus empresas de tecnología financiera, conocidas como fintech? Desde hace varias décadas, Ecuador ya produce software financiero enfocado en core bancario que se exporta a otros países de América Latina. También Banco del Pacífico, uno de los bancos de Ecuador, fue pionero en la región en introducir cajeros automáticos.  

Tigo Money – A lesson in mobile financial services, one partnership at the time

By Fermín Vivanco

When the Luxemburg-based telecommunications provider Millicom started its service Tigo Cash in Paraguay nine years ago, few expected this to be the starting point of Latin America’s most successful mobile money story.

Banks in the digital era...Do you need an innovation hub?

By Sergio Navajas

Banks are no strangers to innovation, but are they keeping up with the times? What strategies are banks using to deal with rapid innovation in the financial industry? These topics were central to a panel on Innovation Hubs and Sandboxes at Columbia University’s 6th Annual Fintech, DFS (Digital Financial Services) & Payments Summit which took place in early June, 2017.[1] The panel had participation from Citi Fintech, Open Innovation at Barclays Bank, Deutsche Bank’s New York Innovation Lab, the Center for Financial Services Innovation (CFSI), the UK’s Financial Conduct Authority, and KPMG.

Bucking the global trend: Remittances to Latin America and the Caribbean reach yet another record high in 2016

By Fermín Vivanco

When it comes to remittances, the countries of Latin America and the Caribbean (LAC) have become an unlikely global exception. In April, the World Bank reported that the money sent by migrants to their developing home countries fell for the second year in a row in 2016, to US$429 billion, a 2.4% decrease over the previous year. The decline is remarkable because such a sustained drop in global remittance flows had not been seen for about three decades.

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