IDEAS home Printed from https://ideas.repec.org/p/imf/imfwpa/2019-071.html
   My bibliography  Save this paper

Fintech in Latin America and the Caribbean: Stocktaking

Author

Listed:
  • Pelin Berkmen
  • Ms. Kimberly Beaton
  • Mr. Dmitry Gershenson
  • Mr. Javier Arze del Granado
  • Kotaro Ishi
  • Miss Marie S Kim
  • Emanuel Kopp
  • Mrs. Marina V Rousset

Abstract

In Latin America and the Caribbean (LAC), financial technology has been growing rapidly and is on the agenda of many policy makers. Fintech provides opportunities to deepen financial development, competition, innovation, and inclusion in the region but also creates new and only partially understood risks to consumers and the financial system. This paper documents the evolution of fintech in LAC. In particular, the paper focuses on financial development, fintech landscape for domestic and cross border payments and alternative financing, cybersecurity, financial integrity and stability risks, regulatory responses, and considerations for central bank digital currencies.

Suggested Citation

  • Pelin Berkmen & Ms. Kimberly Beaton & Mr. Dmitry Gershenson & Mr. Javier Arze del Granado & Kotaro Ishi & Miss Marie S Kim & Emanuel Kopp & Mrs. Marina V Rousset, 2019. "Fintech in Latin America and the Caribbean: Stocktaking," IMF Working Papers 2019/071, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2019/071
    as

    Download full text from publisher

    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=46677
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ms. Era Dabla-Norris & Yixi Deng & Anna Ivanova & Ms. Izabela Karpowicz & Ms. Filiz D Unsal & Eva VanLeemput & Joyce Wong, 2015. "Financial Inclusion: Zooming in on Latin America," IMF Working Papers 2015/206, International Monetary Fund.
    2. Ms. Kimberly Beaton & Ms. Svetlana Cerovic & Misael Galdamez & Metodij Hadzi-Vaskov & Franz Loyola & Zsoka Koczan & Mr. Bogdan Lissovolik & Mr. Jan Kees Martijn & Ms. Yulia Ustyugova & Joyce Wong, 2017. "Migration and Remittances in Latin America and the Caribbean: Engines of Growth and Macroeconomic Stabilizers?," IMF Working Papers 2017/144, International Monetary Fund.
    3. Stijn Claessens & Jon Frost & Grant Turner & Feng Zhu, 2018. "Fintech credit markets around the world: size, drivers and policy issues," BIS Quarterly Review, Bank for International Settlements, September.
    4. Mr. Dong He & Mr. Ross B Leckow & Mr. V. Haksar & Mr. Tommaso Mancini-Griffoli & Nigel Jenkinson & Ms. Mikari Kashima & Mr. Tanai Khiaonarong & Ms. Celine Rochon & Hervé Tourpe, 2017. "Fintech and Financial Services: Initial Considerations," IMF Staff Discussion Notes 2017/005, International Monetary Fund.
    5. Andreas Fuster & Paul Goldsmith‐Pinkham & Tarun Ramadorai & Ansgar Walther, 2022. "Predictably Unequal? The Effects of Machine Learning on Credit Markets," Journal of Finance, American Finance Association, vol. 77(1), pages 5-47, February.
    6. Christian Barontini & Henry Holden, 2019. "Proceeding with caution - a survey on central bank digital currency," BIS Papers, Bank for International Settlements, number 101.
    7. Dong He & Ross B Leckow & Vikram Haksar & Tommaso Mancini Griffoli & Nigel Jenkinson & Mikari Kashima & Tanai Khiaonarong & Celine Rochon & Hervé Tourpe, 2017. "Fintech and Financial Services; Initial Considerations," IMF Staff Discussion Notes 17/05, International Monetary Fund.
    8. Mr. Luc Eyraud & Ms. Diva Singh & Mr. Bennett W Sutton, 2017. "Benefits of Global and Regional Financial Integration in Latin America," IMF Working Papers 2017/001, International Monetary Fund.
    9. Katsiaryna Svirydzenka, 2016. "Introducing a New Broad-based Index of Financial Development," IMF Working Papers 2016/005, International Monetary Fund.
    10. Emanuel Kopp & Lincoln Kaffenberger & Christopher Wilson, 2017. "Cyber Risk, Market Failures, and Financial Stability," IMF Working Papers 2017/185, International Monetary Fund.
    11. Ms. Inutu Lukonga, 2018. "Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions," IMF Working Papers 2018/201, International Monetary Fund.
    12. Dyna Heng & Anna Ivanova & Rodrigo Mariscal & Ms. Uma Ramakrishnan & Joyce Wong, 2016. "Advancing Financial Development in Latin America and the Caribbean," IMF Working Papers 2016/081, International Monetary Fund.
    13. Aqib Aslam & Ms. Alpa Shah, 2017. "Taxation and the Peer-to-Peer Economy," IMF Working Papers 2017/187, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sigitas Siaudinis, 2019. "Digital Currencies and Central Banking: A Sense of Déjà Vu," Bank of Lithuania Occasional Paper Series 26, Bank of Lithuania.
    2. Sergio Luis Náñez Alonso & Miguel Ángel Echarte Fernández & David Sanz Bas & Jarosław Kaczmarek, 2020. "Reasons Fostering or Discouraging the Implementation of Central Bank-Backed Digital Currency: A Review," Economies, MDPI, vol. 8(2), pages 1-27, May.
    3. Álvarez-Gamboa, Javier & Cabrera-Barona, Pablo & Jácome-Estrella, Hugo, 2023. "Territorial inequalities in financial inclusion: A comparative study between private banks and credit unions," Socio-Economic Planning Sciences, Elsevier, vol. 87(PA).
    4. Pierre Nguimkeu & Cedric Okou, 2021. "Leveraging digital technologies to boost productivity in the informal sector in Sub‐Saharan Africa," Review of Policy Research, Policy Studies Organization, vol. 38(6), pages 707-731, November.
    5. Bejar, Pablo & Ishi, Kotaro & Komatsuzaki, Takuji & Shibata, Ippei & Sin, Jasmin & Tambunlertchai, Suchanan, 2022. "Can Fintech Foster Competition in the Banking System in Latin America and the Caribbean?," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(2).
    6. Julia Bersch & Jean François Clevy & Naseem Muhammad & Mrs. Esther Perez Ruiz & Mr. Yorbol Yakhshilikov, 2021. "Fintech Potential for Remittance Transfers: A Central America Perspective," IMF Working Papers 2021/175, International Monetary Fund.
    7. Maria Gabriela Coloma, 2020. "Issues in Fintech Regulation: What can Peru learn from other countries?," Technium Social Sciences Journal, Technium Science, vol. 9(1), pages 678-682, July.
    8. Alexandra Horobet & Irina Mnohoghitnei & Emanuela Marinela Luminita Zlatea & Lucian Belascu, 2022. "The Interplay between Digitalization, Education and Financial Development: A European Case Study," JRFM, MDPI, vol. 15(3), pages 1-23, March.
    9. Batiz-Lazo, Bernardo & González-Correa, Ignacio, 2021. "Start-ups, Gender Disparities, and the Fintech Revolution in Latin America," MPRA Paper 109373, University Library of Munich, Germany.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Julia Bersch & Jean François Clevy & Naseem Muhammad & Mrs. Esther Perez Ruiz & Mr. Yorbol Yakhshilikov, 2021. "Fintech Potential for Remittance Transfers: A Central America Perspective," IMF Working Papers 2021/175, International Monetary Fund.
    2. Curcio, Domenico & D’Amico, Simona & Gianfrancesco, Igor & Vioto, Davide, 2024. "Understanding the impact of the financial technology revolution on systemic risk: Evidence from US and EU diversified financials," Research in International Business and Finance, Elsevier, vol. 69(C).
    3. Agur, Itai & Ari, Anil & Dell’Ariccia, Giovanni, 2022. "Designing central bank digital currencies," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 62-79.
    4. Fred Huibers, 2021. "Regulatory Response to the Rise of Fintech Credit in The Netherlands," JRFM, MDPI, vol. 14(8), pages 1-12, August.
    5. Croutzet, Alexandre & Dabbous, Amal, 2021. "Do FinTech trigger renewable energy use? Evidence from OECD countries," Renewable Energy, Elsevier, vol. 179(C), pages 1608-1617.
    6. Khan, Muhammad Zubair & Khan, Zafir Ullah & Hameed, Affan & Zada, Shehnaz Sahib, 2021. "On the upside or flipside: Where is venture capital positioned in the era of digital disruptions?," Technology in Society, Elsevier, vol. 65(C).
    7. Ping-Lun Tseng & Wen-Chung Guo, 2022. "Fintech, Credit Market Competition, and Bank Asset Quality," Journal of Financial Services Research, Springer;Western Finance Association, vol. 61(3), pages 285-318, June.
    8. Paola Argüello Kalpa & María Alexandra Ortiz Cabrera, 2020. "Colección Enrique Low Murtra. Tomo XIII, Derecho económico," Books, Universidad Externado de Colombia, Facultad de Derecho, number 1274.
    9. N'dri, Lasme Mathieu & Kakinaka, Makoto, 2020. "Financial inclusion, mobile money, and individual welfare: The case of Burkina Faso," Telecommunications Policy, Elsevier, vol. 44(3).
    10. Ongo Nkoa, Bruno Emmanuel & Song, Jacques Simon, 2020. "Does institutional quality affect financial inclusion in Africa? A panel data analysis," Economic Systems, Elsevier, vol. 44(4).
    11. Uddin, Md Hamid & Mollah, Sabur & Islam, Nazrul & Ali, Md Hakim, 2023. "Does digital transformation matter for operational risk exposure?," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    12. Ms. Inutu Lukonga, 2018. "Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions," IMF Working Papers 2018/201, International Monetary Fund.
    13. Majid Bazarbash, 2019. "FinTech in Financial Inclusion: Machine Learning Applications in Assessing Credit Risk," IMF Working Papers 2019/109, International Monetary Fund.
    14. Alexandra Mitschke, 2021. "Central Bank Digital Currencies and Monetary Policy Effectiveness in the Euro Area," Working Papers Dissertations 74, Paderborn University, Faculty of Business Administration and Economics.
    15. Xinyu Cai & Marko Milojevic & Denis Syromyatnikov & Anastasia Kurilova & Beata Ślusarczyk, 2021. "Mathematical Interpretation of Global Competition between Payment Systems," Mathematics, MDPI, vol. 9(17), pages 1-18, August.
    16. Chen, Maozhi & Sinha, Avik & Hu, Kexiang & Shah, Muhammad Ibrahim, 2021. "Impact of technological innovation on energy efficiency in industry 4.0 era: Moderation of shadow economy in sustainable development," Technological Forecasting and Social Change, Elsevier, vol. 164(C).
    17. Dionysopoulos, Lambis & Marra, Miriam & Urquhart, Andrew, 2024. "Central bank digital currencies: A critical review," International Review of Financial Analysis, Elsevier, vol. 91(C).
    18. Sohail, Muhammad Tayyab & Din, Norashidah Md, 2024. "How do digital inclusion and energy security risks affect mineral resources trade? Evidence from world-leading mineral trading countries," Resources Policy, Elsevier, vol. 89(C).
    19. Markus Merz, 2021. "Contemporaneous financial intermediation," Digital Finance, Springer, vol. 3(1), pages 25-44, March.
    20. Maxime Delabarre, 2021. "FinTech in the Financial Market," Working Papers hal-03107769, HAL.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:2019/071. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Akshay Modi (email available below). General contact details of provider: https://edirc.repec.org/data/imfffus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.