Fintech in Latin America and the Caribbean: Stocktaking

54 Pages Posted: 25 Apr 2019

See all articles by Pelin Berkmen

Pelin Berkmen

International Monetary Fund (IMF)

Kimberly Beaton

International Monetary Fund (IMF)

Dmitriy Gershenson

International Monetary Fund (IMF)

F. Javier Arze del Granado

International Monetary Fund (IMF) - Fiscal Affairs Department

Kotaro Ishi

International Monetary Fund (IMF)

Marie Kim

International Monetary Fund (IMF)

Emanuel Kopp

International Monetary Fund (IMF)

Marina Rousset

International Monetary Fund (IMF) - IMF Institute

Date Written: March 2019

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.

Keywords: Central banks, Central bank role, Central bank legislation, Central bank accounting, Bank credit, Fintech, cross border payments, financial sector, financial regulation, financial stability and integrity, cyber risk, cyber regulation, monetary policy, digital currencies, competition., cybersecurity, remittance, alternative finance, financial development, CFT

JEL Classification: G00, G10, G18, G20, G23, G28, E42, E5, H2, H20, G2

Suggested Citation

Berkmen, S. Pelin and Beaton, Kimberly and Gershenson, Dmitriy and Arze del Granado, Francisco Javier and Ishi, Kotaro and Kim, Marie and Kopp, Emanuel Albin and Rousset, Marina, Fintech in Latin America and the Caribbean: Stocktaking (March 2019). IMF Working Paper No. 19/71, Available at SSRN: https://ssrn.com/abstract=3377472

S. Pelin Berkmen (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Kimberly Beaton

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Dmitriy Gershenson

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Francisco Javier Arze del Granado

International Monetary Fund (IMF) - Fiscal Affairs Department

700 19th Street, NW
Washington, DC 20431
United States
202-623-9642 (Phone)

Kotaro Ishi

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Marie Kim

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Emanuel Albin Kopp

International Monetary Fund (IMF) ( email )

700 19th Street N.W.
Washington, DC 20431
United States

Marina Rousset

International Monetary Fund (IMF) - IMF Institute ( email )

700 19 th Street NW
Washington, DC 20431
United States

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