After El Salvador approved a legal framework that recognizes Bitcoin as a legal tender, the cryptocurrency exchange Coincaex announced that at the end of June it will open an office in the country.
Following the approval of the legal framework that recognizes Bitcoin as a legal tender in El Salvador, one out of two local businessmen are concerned that the circulation of the cryptocurrency is mandatory and one out of three are distrustful of this change in the laws.
The Chamber of Commerce and Industry of El Salvador carried out a survey among its members, businessmen in general and citizen consumers to know the expectations of the productive sector regarding the implementation of the cryptocurrency.
In the last few months, interest in credit cards has been increasing in the digital environment, a rise that is mainly explained by the behavior of consumers in Panama, Honduras, El Salvador and Costa Rica.
Through a system monitoring changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long term demand trends for the different products, sectors and markets operating in the region.
Given the outbreak of covid-19 and the imposition of restrictions on economic activity, between February and June of this year the amount of loans granted by the banking sector reported a 1.2% drop.
Data from the Superintendence of the Financial System (SSF) indicate that between February (the month before the beginning of the health and economic crisis) and June of this year, the credit portfolio contracted by $149 million, from $13.276 million to $13.127 million.
The current business scenario ended up breaking down several barriers, and now there are more customers who demand the online services of financial institutions, which are challenged to facilitate digital processes and in turn apply strict security standards.
In the last four months, in most Central American cities, bank clients have moved away from the bank's service points, because between the home quarantines decreed due to the spread of covid-19 and the preference to avoid attending places where large numbers of people can congregate, consumers are choosing to look for ways to carry out transactions digitally.
At a regional level, nearly 16 million people are looking to purchase financial services online. Of this group of consumers, approximately 11% are exploring options for acquiring a credit card.
The interactive information system developed by CentralAmericaData, monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.
The impact of the coronavirus crisis on the financial sector in Central America is expected to be felt mainly in services related to stock brokerage and investment advice, where a drop is expected.
The "Information System for the Impact Analysis of Covid-19 on Business", prepared by the Trade Intelligence Unit of CentralAmericaData, measures the degree of impact that the crisis will have on companies according to their sector or economic activity, during the coming months.
The Óptima financial group bought the shares of Financiera Solidaria S.A., a transaction that amounted to $50 million.
Directors of Óptima reported that Financiera Solidaria S.A. (Finsol) has been in the Honduran market for 21 years and that this acquisition is part of its strategy to regionalize the financial company in the micro and small business segments.
The microcredit portfolio in Latin America and the Caribbean is worth over $40 billion, is awarded by more than 1,000 institutions, and reaches more than 22 million customers.
From a statement issued by the Inter-American Development Bank (IDB):
A new report documents significant expansion of microcredit in Latin America and the Caribbean
GUAYAQUIL, Ecuador - Microcredit in Latin America and the Caribbean remains strong and continues its expansion of the last decade, experiencing an increase in their number of customers, a variety of institutions and a downward trend in interest rates according to new data released here today by the Multilateral Investment Fund (MIF), a member of the IDB Group.
Central American financial institutions are offering their customers new financing alternatives.
The firm Invermaster has indicated that some seventy banks have $500 million to invest in companies in the region.
"One alternative that has gained importance, according to Invermaster, is 'mezzanine financing', an intermediate instrument between traditional debt and equity investment.
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