MIF announces first integration program between FINTECHS and Financial Institutions
In the context of the 2017 World Mobile Congress, the IDB's Multilateral Investment Fund (MIF) announced the creation of FINCONECTA, a program that integrates solutions between technology companies (FinTechs) and financial institutions (FIs).
FINCONECTA is a 10-month program that hopes to promote financial inclusion. Under the coordination of Above & Beyond, it includes a process of connection, fusion and acceleration between FinTechs and FIs so they can collaborate and drive responsible growth in the financial industry. Starting in April 2017, registration on the platform will be open to all types of FinTechs and IFs.
Participants will interact through a single platform, allowing FIs to evaluate multiple technology solutions provided by the FinTechs and adapt them to their needs. FinTechs will have direct access to FIs and contribute to the digitization process in Latin America and the Caribbean.
The results of the program will be announced in the context of Foromic 2017, to be held in Buenos Aires next November.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source oflong-term financing for economic, social and institutional development in Latin America and the Caribbean.The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.
About Above & Beyond
Above & Beyond (a&b) is a company dedicated to supporting financial institutions in defining and executing efficient digital transformation strategies. a&b provides the integration technology, as well as the technological platform, for its implementation.