FinnLAC: fintech success starts with public-private collaboration

Miami, Nov 5 (EFE).- Building an efficient fintech ecosystem in Latin America requires more than innovation and capital; it demands constant dialogue between regulators and industry players, experts agreed Wednesday at the closing of FinnLAC 2025 in Miami.

The number of fintech firms in the region has surged in recent years, with more than 3,000 now operating across Latin America, according to figures shared at the event organized by the Inter-American Development Bank (IDB) Group.

“Part of that growth has been driven by public policies that have allowed the fintech ecosystem to function,” Diego Herrera, lead specialist in the IDB’s Connectivity, Markets, and Finance Division, told EFE.

Herrera and other speakers cited success stories such as Bre-B, Colombia’s central bank real-time payment system that enables instant and free money transfers between different financial institutions.

In Herrera’s view, Bre-B is a clear example of “a very powerful public-private dialogue.”

“The industry came together, regulators came together, and they built a system with thematic dialogue tables that allow for a dynamic environment where regulation can evolve,” he explained.

“That’s the kind of success we want to support through our IDB Pay initiative,” he added, referring to the new program launched at FinnLAC aimed at accelerating the adoption of real-time, low-cost digital payment systems across Latin America and the Caribbean.

Ana María Ibáñez, the IDB’s vice president for Sectors and Knowledge, said the various symposiums held at FinnLAC with both public and private stakeholders demonstrated “how regulatory frameworks can adapt to the speed of innovation while ensuring consumer protection, financial stability and inclusion.”

She spoke on a panel with Javier Suárez, president of Colombian bank Davivienda, which integrated Bre-B into its digital platforms, including DaviPlata, its native digital bank that surpassed 18.7 million users in early 2025.

“You have to take risks, because if you don’t innovate, you’re facing the same risks but you’re not in control of your destiny,” Suárez said, emphasizing the need for private-sector initiative in engaging with regulators.

Another debate focused on the infrastructure for instant payment systems, where Diego Vera-Cossio, an economist in the IDB’s Research Department, outlined four main challenges: closing persistent gaps in digital payment methods, shifting from payments to greater credit access, enabling data sharing while protecting users, and “addressing the tense relationship between informality and the adoption of digital payments.”

Diego Caicedo, CEO of Revolut Colombia, also participated, stressing the importance of solid infrastructure to foster a competitive market.

“Competition benefits the customer, and the customer is our reason for being. We want to bring more and more options to customers. That’s why the basic infrastructure must function properly—the ecosystem needs to be in place," Caicedo said.

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EFE published this report with the support of the IDB.

From left to right, IDB specialist Diego Herrera, FintechLAC president Claudia Sotelo, and Fintech Latinoamérica president Erick Chacón take part in a FinnLAC Forum panel on Wednesday in Miami (United States). EFE/ Giorgio Viera

Davivienda Bank president Javier Suárez speaks on a panel during the FinnLAC Forum on Wednesday in Miami. EFE/ Giorgio Viera

FintechLAC president Claudia Sotelo speaks on a panel during the FinnLAC Forum on Wednesday in Miami. EFE/ Giorgio Viera

Public-private dialogue is essential to building the infrastructure and functional ecosystems needed for healthy growth and competition in Latin America’s fintech sector. That was one of the key messages on the second and final day of FinnLAC 2025.
DURATION: 2:11 minutes

Public-private dialogue is essential to building the infrastructure and functional ecosystems needed for healthy growth and competition in Latin America’s fintech sector. That was one of the key messages on the second and final day of FinnLAC 2025.
DURATION: 4:35 minutes