Economist Porfirio Sanchez Lauds Women-Owned Fintech Development in Mexico
The final work was completed on Mexico’s Financial Technology Institutions Law in 2018. Also known as the Fintech Law, the sweeping new legislation and regulatory framework has led to a significant number of new FinTech start-ups since then. In fact, Mexico is pacing Latin America in new firms that are leveraging some form of financial technology.
A leading Fintech expert in Mexico is Porfirio Sanchez. The former chief of staff for Mexico’s Treasury Ministry, Sanchez believes Fintech will play a key role in the economic future of his country. Furthermore, Sanchez said Fintech has excellent potential to be a “great democratizer.” That means average Mexican citizens stand to benefit from Fintech development as much as those with a lot of money to invest and more
— Porfirio Sanchez Galindo (@PSanchezGalindo) July 2, 2020
Porfirio Sanchez’s background includes degrees in mathematics and economics. He said he’s excited about the potential for more women in Mexico gaining the ability to leverage the financial resources they need to start new businesses. He said that there are five times as many women-owned Fintech start-ups in Mexico than the global average.
Porfirio Sanchez also points out that Fintech projects garnered 31% of the region’s venture capital. More than a third of all Latin American Fintech start-ups are owned by women.