In a collaborative effort between fintech associations in El Salvador, Guatemala, and Honduras, a program has been launched aiming to reach over 30,000 end beneficiaries, with 50% being women.
The fintech associations of El Salvador, Guatemala, and Honduras have signed a non-reimbursable technical cooperation agreement to kickstart the program «Fintech Industry: Vehicle for Financial Inclusion.»
The initiative aims to benefit 120 fintech startups across the three countries, with 30% being led or co-led by women, and reaching over 30,000 end beneficiaries, of whom 50% are women. These beneficiaries are typically underbanked or unbanked individuals who will gain access to financial services and products, thus contributing to closing the financial inclusion gap in the region. The program also aims to provide better practices, knowledge, and resources to facilitate financial innovation and new ventures in the fintech sector.
The cooperation agreement between the three Fintech Associations also seeks to promote cross-border collaboration among El Salvador, Guatemala, and Honduras, establishing a framework for joint work to share resources and expertise. This agreement is part of a project supported by BID Lab, in coordination with the Inter-American Development Bank (IDB) and IDB Invest.
«This program will not only strengthen the fintech ecosystems of our countries but also open doors to those who have been excluded from the financial system, offering new opportunities for their development and economic growth,» stated Erick Chacón, president of the Salvadoran Fintech Association (Asafintech) and spokesperson for the fintech associations.
According to the organizations involved, this program is innovative as it will offer a combination of services to strengthen fintech associations and their members. These services include market intelligence, identifying unmet needs and opportunities, proposals for regulatory innovations, and incubation and acceleration services for fintech startups.
Irene Arias, General Manager of BID Lab, believes that this joint initiative will facilitate the development and strengthening of fintech ecosystems in Central America.
«At BID Lab, we believe in the power of regional cooperation to promote innovation and financial inclusion. This program will help drive collaboration among fintech associations in the region, strengthening the ecosystem and providing access to digital financial services for vulnerable populations,» she stated.