Miami, Nov 5 (EFE).— Building an efficient fintech ecosystem in Latin America requires more than innovation and capital. It depends on constant dialogue between regulators and industry leaders, specialists concluded Wednesday at the closing of FinnLAC 2025 in Miami.
The number of fintech companies in the region has surged, with more than 3,000 now operating across Latin America, according to data presented during the event organized by the Inter-American Development Bank (IDB) Group.
Davivienda Bank president Javier Suárez speaks on a panel during the FinnLAC Forum on Wednesday in Miami. EFE/ Giorgio Viera
Growth driven by public policy and coordination
“Part of that growth has been driven by public policies that have allowed the fintech ecosystem to function,” said Diego Herrera, lead specialist in the IDB’s Connectivity, Markets and Finance Division, in an interview with EFE.
Speakers pointed to Bre-B, Colombia’s central bank real-time payment system, which enables instant and free transfers across financial institutions, as a model for the region.
In Herrera’s view, Bre-B represents “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 said.
“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 to expand real-time, low-cost digital payments across Latin America and the Caribbean.
Adapting regulation to innovation
Ana María Ibáñez, the IDB’s vice president for Sectors and Knowledge, noted that the discussions held between public and private stakeholders during FinnLAC showed how regulatory frameworks can evolve in step with rapid technological change while protecting consumers, financial stability and inclusion.
She spoke alongside Javier Suárez, president of Davivienda, which integrated Bre-B into its platforms, including DaviPlata, its 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, stressing the need for private-sector initiative in shaping regulatory progress.
Key challenges for instant payment infrastructure
Another debate focused on the infrastructure behind instant payment systems.
Diego Vera-Cossio, economist in the IDB Research Department, identified four main challenges:
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Closing persistent gaps in digital payment methods
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Shifting from payments toward expanding access to credit
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Enabling data sharing while protecting users
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Addressing the tension between informal economies and the adoption of digital payments
Diego Caicedo, CEO of Revolut Colombia, highlighted the importance of strong infrastructure to enable healthy competition.
“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. EFE
EFE published this report with the support of the IDB.