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Fintech: How important is expanding outside the region?

The arrival of thousands of immigrants in recent years to Chile was one of the reasons that led to the emergence of Global 66, the FinTech specialized in sending remittances that in less than a year of the launch of the platform has operations in Argentina, Peru , Colombia and Mexico, according to the CEO of the firm, Nicolás Jaramillo, in conversation with DF.

The company is carrying out more than 3 thousand transactions per month, sending nearly US $ 3 million to more than 60 destinations and have a higher number of 25 thousand users in the five markets. For this year they hope to finish with even higher figures. “The goal is to reach 50 thousand transfers this year and with shipments close to US $ 45 million and reach the 35 thousand active clients that are making transfers constantly”, says Jaramillo.

Financial operations

For this, the CEO of Global 66 says that they have “an expansion plan in Latin America: Brazil, Panama, Ecuador and Bolivia are the countries where there is demand both from origin and destination. And we also have expansion projections in other financial products that can facilitate the operation, for example, one of the problems we have is when people need an account to receive money, that we can provide an account so that they can receive the money and to be able to remove it”.

Among the markets with the greatest potential, Jaramillo says that one of them is Mexico, “it’s a big market that we opened two months ago so we’re still getting to know it, but clearly it’s a place where there’s a lot of potential. The level of remittances both received and issued is absolutely superior to all the rest of Latin America and for us it is a key market for our growth”.

To complete this route, “we are raising US $ 2 million to finance the growth we are experiencing, both in opening new offices and strengthening operations and technological development”, says Jaramillo.

Regulation and banking

Prior to his landing as CEO of the technology company, Jaramillo was one of the co-founders of MACH, Bci’s virtual prepaid card that exceeds one million users. The executive acknowledges that it was a difficult decision to leave his job in banking but considers that one “is burning stages and I was presented with a challenge that was Global 66 and it seemed very interesting to me because it is something regional and because of solving a problem that It’s new in Chile, as well as impacting a segment that needs a lot of support”.

Consulted if he believes that there are no places to innovate within the traditional financial sector, Jaramillo states that “space is infinite. I believe that what is missing is to dare that within an institution they can break themselves and do different things. I believe that the market is not safe enough to say that it has a gained space, that situation changed”.

Regarding the creation of a legal framework for FinTech, Jaramillo mentions that “it is important that the CMF regulates our business and regulates it in proportion to the risks that the operation has”.

For this, the CEO determines that it must ensure that “adds competition to the market and that allows the bancarization. We believe that those two aspects regulation should take care of”.


Also published on Medium.

Published inFintech

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