The coronavirus has left an economic impact in several countries. For this reason, some governments are developing exceptional measures to mitigate its effects. For example, the suspension of tax and mortgage payments to lessen the economic pressure on small businesses and households.
In the United States, interest rates were reduced to almost zero and a US$700 billion stimulus program was launched in a bid to protect its economy, says Mario Miranda, director of finance at MonederoSMART.
More than 1.2 million deposit accounts and credit lines affiliated with mobile services have been registered, through which mainly transfers and payments for basic services are performed.
The December 2015 newsletter released by the Superintendency of Banks of Guatemala shows that the number of deposit accounts and credit lines continues to grow in the country, where 1,210,900 accounts affiliated mobile financial services have been recorded.
Payment transfers and basic services are the types of transaction most made by the 708 thousand users of mobile financial services recorded in the country.
82.9% of users of financial services are concentrated in the department of Guatemala, equivalent to 587,366 affiliated mobile customers. The average amount of transactions completed using this system nationwide is $85.
The innovative digital banking technology firm has clients such as Citibank, Itaú, Banco Estado de Chile, and Banco Original.
Technisys, the innovative digital banking technology firm, has secured $13 million. The capital —invested by Intel Capital, Alta Ventures, KaSZeK Ventures, Endeavor Catalyst, and Holdinvest— will allow the company to expand its business throughout new markets in LATAM and the USA.
Technisys is the omnichannel digital banking company. It offers technology solutions that allow banks to stand out through their customer experience, increase their sales and dramatically reduce their time-to-market when it comes to launching new financial services. Technisys culture lies on its innovation, its human capital talent and its vision of the future. The digital age represents an unprecedented growth opportunity for the financial service providers, and Technisys helps its customers to differentiate and capitalize it.
Organization that operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 2256 7168
60% of the world's population have no access to banking services, although 85% have a mobile phone.
Brett King, founder of the first mobile banking service in the U.S. and the UK, and specialist in innovation in financial services, was at the XII Latin American Congress on banking automation, which is being held in Panama. His states that the key "to popularize and expand banking services to all sectors of the population is the use of mobile technology, especially since the advent of smart devices. "
Tigo announced yesterday that it will increase the number of Tigo Money agencies in Guatemala from 1400 to 2000, in order to reach populations without banking facilities in rural areas.
Tigo Money started as a remittance service that allows cost-effective money transfers to Tigo users in Guatemala, and it is now making preparations so that these agencies, which are installed in convenience stores, drugstores and gas stations in local communities, can also to pay microcredit.
To date, about 8 banks in Guatemala, 4 in El Salvador and 3 in Honduras, Nicaragua and Costa Rica offer the service; there is still much ground to cover in the region.
The director of Technology at the company Ebclosión, Derick Brol, indicates that in Central America in 2011 there were mobile phone banking services in about 8 banks in Guatemala, 4 in El Salvador and 3 in Honduras, Nicaragua and Costa Rica.
The regulations for the Provision of Mobile Financial Services will become effective on November 1
Banking operations conducted through mobile phones must adhere to the provisions of regulation JM-120-2011, recently published by the Superintendency of Banks in Guatemala.
From now on, the resolution will be reviewed by banks operating in the country, who will have ten days to approve it and send it to the Superintendency.
In recent years, electronic transfers have been growing at a rapid pace.
Bank managers agree that the use of electronic banking operations reduces transaction costs, being this the main reason for its growth.
Luis Lara, manager of the Banco Industrial (BI) told Prensalibre.com that the institution expects amount of electronic transactions made by the end of 2011 to exceed those of 2010 when they totaled $1,377 million.
Authorities and bankers will discuss the rules that regulate cell phone banking.
Within weeks, Guatemalans will be able to perform banking transactions using only their cell phones.
If the review of regulations by the Association of Banks is fruitful, the regulations will then be sent to the Monetary Board at the Bank of Guatemala, for approval and validity.
The Large Business Division of Telefonica yesterday presented remote banking services to domestic banks for performing financial transactions through mobile phones, using a “cloud” computing platform.
Rudy Hoffens , manager in Guatemala for the large business division of the firm, said the pilot program will be implemented in Central America and will then be extended to Latin America.
The superintendency of banks has presented a draft regulation for mobile banking for approval by the monetary board.
The project, among other things, requires banking institutions to submit an operational model within ten days following the adoption of the new rules, and send all information related to the operation of a mobile banking to the superintendency of banks .
IFC made a $ 3 million investment and an additional $ 2 million for YellowPepper company in Panama.
The investment will support expansion of mobile banking and access to financial services in Latin America. This is the first capital of the International Finance Corporation (IFC, in English), in a mobile banking firm in Latin America and brings the total investment in YellowPepper to over U.S $ 15 million.
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