Latin America has become a focal point for fintech expansion, with the number of platforms in the region more than doubling between 2018 and 2021. Central to this rapid growth is a shift toward coordinated regulation and widespread digital infrastructure. Around 70% of the population remains unbanked or underbanked, creating strong demand for financial inclusion. In response, countries across the region have implemented centralized frameworks that support innovation while ensuring stability. Brazil’s Open Finance initiative alone recorded over 42 million active consents and handles more than 1.5 billion API calls weekly. The Pix real-time payments system processed 42 billion transactions in 2023, settling each transaction in seconds.
Other nations in the region have followed suit by introducing their own forward-looking regulatory initiatives to support fintech growth. Colombia’s regulatory sandbox and Chile’s Fintech Act are helping launch new business models, while Peru recently adopted India’s UPI platform to build its real-time system. Platforms like Nubank and RappiBank now provide digital accounts and credit to underserved groups, including gig workers. These frameworks have accelerated capital flow and innovation, turning local fintechs into internationally recognized models. As regulatory environments mature, Latin America is proving that proactive policy and agile technology can jointly drive inclusive, resilient financial systems that meet the needs of underserved populations at scale.
