Plingpay was part of a business delegation to Mexico, invited by the Swedish Embassy for an event discussing the future of Fintech, Sustained Development and cross border cooperation while also celebrating the Swedish National Day. Our CEO Martin Dalsenius had the honor to speak at the event and be part of a panel discussion together with representatives of Izettle, Verisec, and Sweblocks Academy on the opportunities of the Mexican and Latin American markets, held by El Pais. Really appreciate the opportunity and the hospitality of our sponsors at the Swedish Embassy and Fundec Fintech Hub!
Throughout it has been a great opportunity for us, our presence in Latin America at the moment limited to Chile and Brazil, to get a greater understanding of the Mexican market. In just two full days we had the opportunity to speak to regulators at the Financial Regulatory Authority, Fintech Hubs, representatives of Big Banks and of course this being arranged by Business Sweden and the Swedish Embassy, to meet with members of the diplomatic community and celebrate the National Day
From Plingpay´s perspective, the Mexican market, could serve as an important bridge for both an entry into the US, the US-Mexico trade being quite extensive and also that being the largest remittance corridor in the world. Mexico is also something of an anchor for many other Latin American countries and work as a bridge to them.
Plingpay also barely got the time and chance to set up a few meetings outside of the schedule, including another remittance company operating on the Blockchain between Peru and Chile, and the Bitcoin Exchange Izbit. In both cases we have high hopes to formalize this into formal partnership that would bolster Plingpay´s presence in Mexico and Latin America. Also of course a slightly less formal occasion to enjoy some good food and talk of Blockchain implementation in general is always nice.
A couple of things are really impressive about the Mexican regulatory frame work that makes it really interesting for market entry. The Fintech sandbox allows innovative startups to start growing and testing out solutions to clients, in a small scale, for a limited time, and under the supervision of the Regulatory Authorities, but without the heavy costs and processing required in the EU in general and Sweden in particular for even setting up your solution. Considering the difficulties, administrative costs and time Plingpay spent securing its own rights to operate and that many other Fintech startups face in Europe this could definitely be something to consider in Europe as well. Open Banking and giving API access to internal banking information has come very far in Mexico as well.
In terms of Fintech the digital economy is still growing. Cash remains and credit card solutions rare, but e-commerce solutions such as Izettle are on the rise. Though the regulatory situation on crypto is somewhat uncertain there are several major exchanges trading significant volumes around.