MIAMI – A financial sector made up of just banks would be like a “world without the Internet,” Visa’s vice president for Strategic Alliances, Fintech and Entrepreneurship for Latin America, Arnoldo Reyes, told EFE on Wednesday.
During an interview on the last day of the FINNOSUMMIT Miami event, organized by Lendlt Fintech, Reyes explained that this is why it is so important for Visa “to be in the ecosystem” of emerging technology companies, known as “fintech.”
The firm chose this forum to celebrate the culmination of the Visa Everywhere Initiative (VEI) 2019 competition for Latin America and the Caribbean, which awards a cash prize of $50,000.
The winning company in the competition was Mexico’s Flexio, a firm founded and developed by a group of Uruguayans which offers millions of Mexicans without access to credit the chance to acquire goods and services by paying in installments using a debit card.
Nathan Schorr, one of Flexio’s founders, told EFE that winning the award means that he and his team will have to work “even harder” to reach their goal, which is to help more people obtain access to health, education and leisure services.