Nubank steps up its game in Latin America by offering remittances in Mexico and securing a new license in Colombia.
According to Banking Technology, PayU will be implementing Mambu's software-as-a-service based core banking platform; the software will support PayU's short-term deferred payment product; Mambu now has 26 clients which it supports from its Miami office; PayU is currently running a pilot in Colombia but it is expected to roll out services across Latin America. Source
A year after launching in Colombia, Argentine neobank Ualá reached 200,000 customers in the country, its CEO Natalia Ríos told Fintech Nexus.
Nubank and Ualá expanded to Colombia to boost customer acquisition. Replicating success in Latin America is no easy feat for digital banks.
The Economist magazine's intelligence unit (EIU) has published a report on regulatory support for financial inclusion in developing countries and it is now gaining traction with press and analysts; the report scores countries on having an inclusiveness strategy and building governmental and private sector expertise, then provides in-depth details in areas including credit markets, non-regulated lenders, payments and insurance; Colombia ties Peru this year for the most progressive country; India has shown the most improvement; Latin America and East/South Asia are leaders regionally while Africa and the Middle East remain behind; the EIU performed the research in conjunction with the Center for Financial Inclusion at Accion and the Multilateral Investment Fund at the Inter-American Development Bank. Source
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