Fintech industry generates USD 610 million in Honduras

By Bufete Mejía

The Fintech industry generates around USD 610 million annually in the Honduran economy, according to Wilfredo Cerrato, president of the Central Bank of Honduras (BCH). Cerrato told Forbes México that the figure represents almost 2.5% of Gross Domestic and is mainly produced by two companies that provide financial services in the country.

Financial technology, often shortened to Fintech, is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. From February 21 to 22, 2019, Honduras was home of a Fintech congress organized in Tegucigalpa by the Inter-American Development Bank (IDB). The congress seeked to bring together experts and international audiences to discuss the benefits of new financial technologies, particularly their relevance for financial inclusion. The event included two modalities: three lectures and several panels headlined by international experts.

“A dynamic Fintech sector is developing in Latin America, offering a wide range of solutions that include all segments and underlying technologies being used globally. Nevertheless, although the outlook looks promising, the sector is still young and needs a solid ecosystem that can foster an adequate growth”, the IDB informed.