As the economy heads for recession induced by the coronavirus pandemic, and fintech startups brace for a potential slowdown in investment, digital channels could ultimately get a boost from the turmoil.
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Thoughts of COVID19's Impact on Latin American Fintech
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“There is no better way to force the adoption of digital channels than just simply closing the offices. Crises are an opportunity to accelerate adoption,” says Oriol Ros, director of corporate development in Latinia, an investor in fintech projects and a developer of software for financial institutions in Spain and Latin America. César Cuevas, co-founder of Linxe, a Colombian lending fintech, says the impact of the coronavirus on the fintech sector should not be discouraging. Rather, he sees it as a “matter of time”. “It’s time. We are digital. [With a fintech] you don’t have to go to a bank, so it’s better. It may sound horrible today, but our product is much more advantageous. […]. The issue of foreign investors is likely to slow down a bit; therefore, it is a matter of time. There is no other impact than that,” says Cuevas.
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