1.
Thiago Paiva
By Thiago Paiva
BANKINGANDFINTECHMARKETINLATINAMERICA2019:
ANINTROTOTHEECOSYSTEM

2.
Thiago Paiva
First of all, thanks for reading this material! My name is Thiago Paiva and I've been working with
startups and innovation for the past 8 years in Brazil, Mexico, US, and Singapore.
Although Nubank shed light to opportunities in the region for foreigner investors and entrepreneurs, it
is far from the only relevant fintech. The region is attracting an impressive amount of capital and
talent, becoming an important fintech hub.
As interest in the region is rising, I decided to create an overview of the banking and fintech market in
the region to enable entrepreneurs and investors from every corner of the world to have a better
understanding of the opportunities and challenges.
I hope this material is helpful to you or anyone you would like to share (please, do share)!
Thiago Oliveira de Paiva
Intro

3.
Thiago Paiva
1. The Author
2. The Economy
3. Relevant Statistics
a. Connectivity
b. Financial Inclusion
c. Cybersecurity
4. Financial Services Industry
5. Fintech Ecosystem
6. Fintech Investment Report 2019Q13
7. Extra Resources
Index

4.
Thiago Paiva
The Author I'm a fintech entrepreneur, investor, and columnist! I have been actively
engaged in the Latin American ecosystem since 2010. During this period, I
evaluated 2,600+ and invested in 60+ startups from 9 different countries
while working at Wayra Brazil and Startupbootcamp Fintech Mexico.
Studied Fintech at MIT and Business with Concentration in Finance at UCLA
I write about fintech in Latin America in international and regional
publications and also develop reports analyzing the ecosystem.
I'm currently a Product Manager at Oyster Financial, a Neobank for SMEs in
Mexico, leading its marketplace initiate. I'm also a TechCrunch contributor.

5.
Thiago Paiva
THE ECONOMY

6.
Thiago Paiva
Latin America Economy
Source: IMF, World Bank, UN, and World Meters
● Population (2019): 650 million
● GDP (2017): US$ 5.362 trillion
● GDP per Capita (2018): US$ 9,023.5
● GDP Growth:
○ 2016: -0.7%
○ 2017: 1.8%
○ 2018 : 1.5%
○ 2019 (Expected): 0.2%
○ 2020 (Expected): 1.8%
● Unemployment Rate (2018): 7.8%
Latin American countries are most emerging economies with a GDP per Capita around the world average. It is a region with high
growth potential but with some inherent problems, it has the highest levels of income inequality in the world which result in having
some political unstable countries.

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Thiago Paiva
Key Countries - Argentina
● Population (2019): 45 million
● GDP (2018): US$ 518.5 billion
● GDP per Capita (2018): US$ 11,920.80
● GDP Growth:
○ 2016: -2.08%
○ 2017: 2.67%
○ 2018 : 2.52%
○ 2019 (Expected): -3.1%
○ 2020 (Expected): -1.3%
● Unemployment Rate (2018): 9.2%
● GINI Index (2017): 41.2
Argentina used to be the most advanced economy in the region, however, it was left behind after many years of political and
economical turmoil. The current prospect for its growth in the next few years aren't good. Even though, it has many relevant tech
companies such as Mercado Libre that has a strong presence in the region with Mercado Pago as its fintech arm.
Source: IMF, World Bank, UN, and World Meters

8.
Thiago Paiva
Key Countries - Brazil
Source: IMF, World Bank, UN, and World Meters
● Population (2019): 211 million
● GDP (2018): US$ 1.87 trillion
● GDP per Capita (2018): US$ 8,920.80
● GDP Growth:
○ 2016: -3.3%
○ 2017: 1.06%
○ 2018 : 1.12%
○ 2019 (Expected): 0.9%
○ 2020 (Expected): 2%
● Unemployment Rate (2018): 12.3%
● GINI Index (2017): 53.3
Brazil is the largest economy in the region and the 9th globally. In the past few years, it went through the worst financial crisis of its
recent history. Even so, it is starting to show signs of a slow recovery. It has the main financial center in the region with the most
relevant financial institutions as well as the strongest stock exchange, B3. Also, it is home for the most relevant fintechs in Latin
America such as Nubank.

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Thiago Paiva
Key Countries - Chile
Chile is the most developed country in the region. It is the poster child of the Chicago Boys with an open-market approach. Recently it
went through a popular uprise due to high inequality and lack of social services. Although it is a small economy, it is more structured
than the other countries in the region with statisticals more close to developed economies.
● Population (2019): 19 million
● GDP (2018): US$ 298.2 billion
● GDP per Capita (2018): US$ 15.923.40
● GDP Growth:
○ 2016: 1.67%
○ 2017: 1.28%
○ 2018 : 4.03%
○ 2019 (Expected): 2.5%
○ 2020 (Expected): 3.0%
● Unemployment Rate (2018): 7.2%
● GINI Index (2017): 46.6
Source: IMF, World Bank, UN, and World Meters

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Thiago Paiva
Key Countries - Colombia
● Population (2019): 50.5 million
● GDP (2018): US$ 330.2 billion
● GDP per Capita (2018): US$ 6,651.30
● GDP Growth:
○ 2016: 2.09%
○ 2017: 1.35%
○ 2018 : 2.66%
○ 2019 (Expected): 3.6%
○ 2020 (Expected): 3.3%
● Unemployment Rate (2018): 9.1%
● GINI Index (2017): 49.7
Colombia is the 3rd largest country by population in the region. It's economy is has been stable in the past few years and it is starting
to grow well. It is home to one of the most well funded startups in the region, Rappi, which is starting to inspire a new generation of
entrepreneurs.
Source: IMF, World Bank, UN, and World Meters

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Thiago Paiva
Key Countries - Mexico
● Population (2019): 128 million
● GDP (2018): US$ 1.2 trillion
● GDP per Capita (2018): US$ 9,698.10
● GDP Growth:
○ 2016: 2.92%
○ 2017: 2.07%
○ 2018 : 1.99%
○ 2019 (Expected): 0.4%
○ 2020 (Expected): 1.3%
● Unemployment Rate (2018): 3.3%
● GINI Index (2016): 48.3
Mexico is the second largest economy in the region and the 15th largest in the world. It is the most populous Spanish speaking country
in the world with an open economy, which attracts many foreigner companies and investors. Due to the drug cartels, KYC and AML
are serious issues in the country. After Brazil, it is the most advanced fintech market in the region.
Source: IMF, World Bank, UN, and World Meters

12.
Thiago Paiva
Key Countries - Peru
● Population (2019): 32.7 million
● GDP (2018): US$ 222.2 billion
● GDP per Capita (2018): US$ 6,947.30
● GDP Growth:
○ 2016: 3.96%
○ 2017: 2.52%
○ 2018 : 3.98%
○ 2019 (Expected): 2.6%
○ 2020 (Expected): 3.6%
● Unemployment Rate (2018): 6.4%
● GINI Index (2017): 43.3
Peru has been one of the fastest growing countries in the region recently. Although it has been stable in the past years, recently it had
a political turmoil. It is still too soon to tell the impact on the economy. Due to its small market, most entrepreneurs have to
internationalize to grow.
Source: IMF, World Bank, UN, and World Meters

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Thiago Paiva
RELEVANT STATISTICS

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Thiago Paiva
Latin America - Digital Population
Source: https://www.gsma.com/latinamerica/wp-content/uploads/2018/12/Mobile-Economy-2018-ENG.pdf
● Internet Penetration (2019): 74%
● Social Penetration (2019): 64%
● Smartphone Penetration (2017): 62%
● Mobile Internet Penetration (2017):
49.8%

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Thiago Paiva
Latin America - Digital Population
Source: https://www.gsma.com/latinamerica/wp-content/uploads/2018/12/Mobile-Economy-2018-ENG.pdf
Smartphone Adoption 2017 and Forecast 2025 4G Adoption/2017 and 4G Adoption/2025

16.
Thiago Paiva
Latin America - Bank Account Penetration
Source: https://globalfindex.worldbank.org/
Account ownership (% of population ages 15+)

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Thiago Paiva
Banked Population (% of population ages 15+)
Latin America - Relevant Statistics
Source: https://globalfindex.worldbank.org/
Bank nonperforming loans to total gross loans (%)
2017 2017

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Thiago Paiva
Average Lending Interest Rate (Annual)
Latin America - Relevant Statistics
Source: https://globalfindex.worldbank.org/
Interest Rate Spread
(Lending Rate minus Deposit Rate)
2018 2018

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Thiago Paiva
Domestic Credit Provided by Financial Sector
(% of GDP)
Latin America - Relevant Statistics
Source: https://globalfindex.worldbank.org/
Domestic Credit Provided by Banks
(% of GDP)
2018 2018

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Thiago Paiva
Latin America - Financial Literacy
Source: https://gflec.org/wp-content/uploads/2015/11/3313-Finlit_Report_FINAL-5.11.16.pdf?x66755
Financial Literacy
The region has a lower level of Financial
Literacy than developed economies,
according to Global Financial Literacy
Survey 2014. The highest level of literacy
in the region of the main countries is 41%
in Chile, while the USA and UK have 57%
and 67%, respectively.

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Thiago Paiva
Latin America - CyberSecurity and Fraud
Source: Online Fraud Report 2017 Latin America

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Thiago Paiva
FINANCIAL INDUSTRY

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Thiago Paiva
Banking Sector - Banks AUM per Country
Considering the 6 largest financial sectors in the region, Brazil is the largest one with almost 60% of
the AUM, followed by Mexico and Chile.
Source: Multiple sources combined by the author

24.
Thiago Paiva
Banking Sector - Bank Concentration
177 15 25 50 21 77# of Banks
Concentration of the TOP 5 Banks of Total Assets
Source: Multiple sources combined by the author

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Thiago Paiva
Banking Sector - Foreign Banks
Latin America a relevant presence of foreigner banks, especially Spanish banks. Here are the main
foreigner banks in the region with the countries with most relevant presence.

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Thiago Paiva
Banking Sector - Argentina
Source: "Relatório de Economia Bancária 2018" and Argentinian Central Bank
The Argentinian banking sector has a total of US$ 110.9 billion in Assets Under Management (AUM)
spread across 77 banks. Find below the list of the TOP 5 banks per AUM and their share of the total.
US$ 22.2 billion
(20%)
US$ 10.4 billion
(9.4%)
US$ 10.1 billion
(9.1%)
US$ 9.1 billion
(8.2%)
US$ 7.3 billion
(6.6%)

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Thiago Paiva
Banking Sector - Brazil
Source: "Relatório de Economia Bancária 2018" and https://www.valor.com.br/valor1000/2019/ranking100maioresbancos
The Brazilian banking sector has a total of US$ 1,888.7 billion in Assets Under Management (AUM)
spread across 131 banks. Find below the list of the TOP 5 banks per AUM and their share of the total.
US$ 425.7 billion
(22.5%)
US$ 365.7 billion
(19.46%)
US$ 332.2 billion
(17.6%)
US$ 326.2 billion
(17.2%)
US$ 208 billion
(11%)

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Thiago Paiva
Banking Sector - Chile
Source: https://www.bnamericas.com/es/noticias/un-vistazo-a-los-5-principales-bancos-de-chile-por-activos
The Chilean banking sector has a total of US$ 234.9 billion in Assets Under Management (AUM)
spread across 21 banks. Find below the list of the TOP 6 banks per AUM and their share of the total.
US$ 57.7billion
(16.9%)
US$ 55.4 billion
(16.2%)
US$ 54.2 billion
(15.8%)
US$ 51.1 billion
(14.9%)
US$ 42.4 billion
(12.4%)
US$ 41.9 billion
(12.2%)

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Thiago Paiva
Banking Sector - Colombia
Source: "Relatório de Economia Bancária 2018" and https://www.valor.com.br/valor1000/2019/ranking100maioresbancos
The Chilean banking sector has a total of US$ 191.5 billion in Assets Under Management (AUM)
spread across 25 banks. Find below the list of the TOP 5 banks per AUM and their share of the total.
US$ 49.5 billion
(25.8%)
US$ 28.1 billion
(14.66%)
US$ 27 billion
(14.1%)
US$ 19.3 billion
(10.1%)
US$ 11.5 billion
(6%)

30.
Thiago Paiva
Banking Sector - Mexico
Source:
https://www.gob.mx/cnbv/articulos/informacion-estadistica-y-financiera-del-sector-banca-multiple-al-cierre-de-julio-2018
and https://www.forbes.com.mx/los-10-bancos-mas-grandes-de-mexico/
The Mexican banking sector has a total of US$ 493.8 billion in Assets Under Management (AUM)
spread across 50 banks. Find below the list of the TOP 6 banks per AUM and their share of the total.
US$ 101 billion
(20.5%)
US$ 67.2 billion
(13.6%)
US$ 63.1 billion
(12.8%)
US$ 60.9 billion
(12.3%)
US$ 22.6 billion
(4.6%)
US$ 34.7 billion
(7%)

31.
Thiago Paiva
Banking Sector - Peru
Source: "Relatório de Economia Bancária 2018" and https://www.valor.com.br/valor1000/2019/ranking100maioresbancos
The Peruvian banking sector has a total of US$ 119.5 billion in Assets Under Management (AUM)
spread across 15 banks. Find below the list of the TOP 5 banks per AUM and their share of the total.
US$ 40.8 billion
(34.2%)
US$ 23.6 billion
(19.7%)
US$ 20.5 billion
(17.2%)
US$ 14.8 billion
(12.4%)
US$ 4.5 billion
(3.8%)

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Thiago Paiva
Latin America - Most Innovative Banks
Source: World Finance Digital Banking Awards 2018
World Finance Digital Banking Awards 2018 - Best Digital Banks
World Finance Digital Banking Awards 2018 - Best Mobile App

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Thiago Paiva
OpenBanking regulation in the region might still take a while to be implemented but it is already in
discussion in Brazil and Mexico. Even though, a couple large institutions already launched their APIs to the
market and many more are developing their own. Here follows the main banks with APIs available:
OpenBanking - APIs
Source: Banks websites

34.
Thiago Paiva
Latin America - Stock Exchanges
Source: Stock Exchanges website and reports
US$ 938 billion
368
US$ 140 billion
99
US$ 236 billion
89
US$ 530 billion
146
US$ 269 billion
268
US$ 142 billion
273
Market Cap
Listed Companies
Market Cap
Listed Companies

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Thiago Paiva
FINTECH ECOSYSTEM

36.
Thiago Paiva
Source: IDB-Fintech Latin America 2018 , and Fintech Radars from Finnovista
377
110
112
47
394
124
Number of Fintechs per Country
Latin America has around 1166
fintechs.
Brazil (377) and Mexico (394) are leading in number
of fintechs
Colombia (124) and Chile (112)

37.
Thiago Paiva
Latin America - Fintech Adoption
Source: https://fintechauscensus.ey.com/2019/Documents/ey-global-fintech-adoption-index-2019.pdf
Consumer Fintech Adoption Index - EY
Average
64%
Latin America is one of the regions with fastest
fintech adoption, according to EY Consumer
Adoption Index 2019.
It had 3 countries between the Top 10 (Colombia,
Peru, and Mexico) and all of the main countries
above the average of the 27 researched
countries, 64%.

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Thiago Paiva
Most Relevant Fintechs in the Region

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Thiago Paiva
Fintech Radar - Mexico
Source: Finnovista Fintech Radar Mexico 2019

40.
Thiago Paiva
Fintech Radar - Brazil
Source: Finnovista Fintech Radar Brazil 2018

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Thiago Paiva
Fintech Radar - Colombia
Source: Finnovista Fintech Radar Colombia 2019

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Thiago Paiva
Fintech Radar - Argentina
Source: Finnovista Fintech Radar Argentina 2018

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Thiago Paiva
Fintech Radar - Chile
Source: Finnovista Fintech Radar Chile 2019

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Thiago Paiva
Fintech Radar - Peru
Source: Finnovista Fintech Radar Peru 2017

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Thiago Paiva
Most Funded Fintechs
● BR - Nubank (US$ 820M): The largest neobank outside of China with more than 15M customers, worthing US$ 10 billion;
● BR - Quinto Andar (US$ 335M): An unicorn proptech that facilitates the rent of properties by offering financial services;
● BR - Creditas (US$ 314M): A secured online loan to consumers;
● AR - Ualá (US$ 194M): Neobank for personal accounts;
● MX - Clip (US$ 160M): A card payment provider similar to Square;
● MX - Konfio (US$ 143M): An unsecured online loans to SMEs;
● BR - Neon (US$ 121M): A neobank with personal and business account;
● BR - Loft (US$ 88M): Is a proptech that facilitates the purchase and sale of properties;
● BR - GuiaBolso (US$ 66M): PFM and lending, similar to Mint;
● AR - Technisys (US$ 64M): Digital transformation;
● MX - Credijusto (US$ 53M): A secured online loans to SMEs;
● BR - WEEL (US$ 44.5M): Online factoring;
● AR - Ripio (US$ 44.4M): Bitcoin wallet and exchange;
● BR - ContaAzul (US$ 37M): SMEs financial management;
● BR - Ebanx (US$ 30M): An unicorn online payment processor;
Source: Crunchbase and startup press releases

46.
Thiago Paiva
GROWTH-STAGE
Main VCs Actively investing in Fintech
Local Foreigners
BRAZIL
MEXICO
CHILE
EARLY-STAGE
ARGENTINA

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Thiago Paiva
Main Fintech Exits
Acquired by Grupo Silvio Santos
US$ 12.8M (Jun 09)
Acquired by Wirecard
US$ 41M (Feb 16)
Acquired by Santander
88.5% for US$ 487M (Apr 14)
11.5% for US$ 350M (Dec 18)
Acquired by Itaú
49% for US$ 2B (May 17)
Acquired by Bradesco
US$ 500M (Mar 08)
Acquired by Santander
US$ 40.5M (Mar 16)
Source: Companies press releases and financial reports

48.
Thiago Paiva
Fintech Exits
Acquired by Neon
Undisclosed amount (Sep 19)
Acquired by Carrefour
Undisclosed amount (Oct 19)
Acquired by Kushki Pagos
Undisclosed amount (Aug 19)
Acquired by Yonder Media Mobile
Undisclosed amount (Aug 19)
Acquired by Creditas
Undisclosed amount (Oct 13)
Acquired by Rappi
Undisclosed amount (Feb 19)

49.
Thiago Paiva
Fintech Exits
Acquired by Creditas
Undisclosed amount (Aug 19)
Acquired by PagSeguro
US$ 3.3M (Dez 17)
Acquired by Vindi
US$ 150K (Nov 16)
Acquired by Vindi
Undisclosed amount (Feb 17)
Acquired by Intuit
Undisclosed amount (Jan 15)
Acquired by Foxbit
Undisclosed amount (Nov 19)

50.
Thiago Paiva
Fintech Exits
Acquired by Creditas
Undisclosed amount (Oct 13)
Acquired by Advent
51% for US$ 725M (Jan 19)
Acquired by Polygon Fintech
Undisclosed amount (May 19)
Acquired by Rede
Undisclosed amount (Sep 14)
Acquired by Grin
Undisclosed amount (Jun 19)
Acquired by Capital Tech
Undisclosed amount (Aug 19)

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Thiago Paiva
Main Financial Tech - IPOs
IPO - BVMF: CIEL3 (Jul 09)
Market Cap US$ 4.84B
IPO - BVMF: RDCD3 (Jul 07)
Acquired by Itaú for US$ 5B (Sep 12)
IPO - NASDAQ: STNE (Oct 18)
Market Cap US$ 9.46B
IPO - NYSE: PAGS(Jan 18)
Market Cap US$ 11.79B
IPO - BVMF: BIDI4 (Apr 18)
Market Cap US$ 2.83B

52.
Thiago Paiva
Latin America - Fintech Regulation
Mexico
Brazil
Brazil issued a few different
ones to regulate certain segments while Mexico worked on a Fintech Law regulating a few segments.
● Argentina
● Colombia
● Chile
● Peru
Brazil
Mexico

53.
Thiago Paiva
Fintech Regulation - Brazil and Mexico
Source: Multiple sources (CVM, Brazilian Central Bank, CNVB, Brazilian and Mexican Governments)

54.
Thiago Paiva
Fintech Events
Source: http://fintechnews.sg/17275/fintech/fintech-events-asia-2018/ and websites
LATIN AMERICA
● LatAm - Blockchain Summit LatAm
● LatAm - Digital Bank Latam
● BR - Fintech Conference
● BR - Insurtech Brasil
● BR - Fintouch
● BR - CIAB Fintech Day
● BR - Innovation Pay
● MX - Finnosummit Mexico
● PE - Lima Fintech Forum
● CO - Colombia Fintech Annual Meeting
● MX - Open Banking, Fintech & Blockchain Summit
● AR - Argentina Fintech Forum
USA
● Miami - Finnosummit Miami by Lendit
● Miami - Fintech Americas
● San Francisco - M2Baking & Fintech

55.
Thiago Paiva
Fintech Associations

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Thiago Paiva
Fintech Accelerators
Accelerator Hubs

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Thiago Paiva
FINTECH INVESTMENT REPORT
(2019Q3)

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Thiago Paiva
2018 reporting a
record breaking US$ 1.976 billion raised
73% increase
US$ 2.46 B (US$
1.726 B in equity and US$ 545.2 M in debt) in
the first 3 quarters of 2019
Investments in Latin America
Source: LAVCA Industry Data and proprietary data

59.
Thiago Paiva
Total Investments in the Region
US$ 2.46 B (US$ 1.726 B in equity and US$ 545.2 M
in debt) In the Q3
alone, there were US$ 1.089 B in 22 deals.
Source: proprietary data from deals

60.
Thiago Paiva
Number of Investments per Country
Source: proprietary data from deals
Brazil is still leading
Mexico secured its second spot

61.
Thiago Paiva
Volume of Investments per Country
Brazilian fintechs captured an impressive
82.9%
Mexico remains in the second
position with 12.4%
Creditas,
Nubank, Banco Inter, and QuintoAndar
Source: proprietary data

62.
Thiago Paiva
Volume of Investments per Month
it had 2x more volume than Q2 and almos 8x more than Q1
Source: proprietary data

63.
Thiago Paiva
Investment by Industry Segment
Lending is still a hot fintech segment in Latin America
US$ 403.8 M in equity investment Digital Banking became the hottest
segment US$ 748.2 M
trending segment is Mortgage and Real Estate US$ 255.7 M
Source: proprietary data

64.
Thiago Paiva
Debt Financing
Mexico led the debt
financing in the region with US$ 400 M, 73.4% of all debt financing.
Goldman Sachs, Victory Park Capital and Arc Labs
Source: proprietary data

65.
Thiago Paiva
Largest Deals 2019 until Q3
US$ 100 Million
(MX - May 19)
US$ 70 Million
(BR - Mar 19)
US$ 50 Million
(AR - Apr 19)
US$ 231 Million
(BR - Jun 19)
Source: proprietary data
US$ 400 Million
(BR - Jul 19)
US$ 331.7 Million
(BR - Jul 19)
US$ 42 Million
(MX - Aug 19)
US$ 250 Million
(BR - Sep 19)

66.
Thiago Paiva
EXTRA RESOURCES

67.
Thiago Paiva
Extra Resources
● IDB Report - Financial Latin America 2018: Growth and Consolidation
● LAVCA Report - Latin America Startup Heatmap
● GSMA Intelligence Report - The Mobile Economy Latin America and the caribbean 2018
● Finnovista Fintech Radar Mexico 2019
● Finnovista Fintech Radar Brazil 2018
● Finnovista Fintech Radar Colombia 2019
● Finnovista Fintech Radar Argentina 2018
● Finnovista Fintech Radar Chile 2019
● ALLVP - Early Stage VCs Active in Latin America
● Iupana - Fintech News Latin America
● Fintechs - Fintech News Brazil
● Conexão Fintech - Fintech News Brazil

68.
Thiago Paiva
Other Materials by the Author
● Report: Fintech Investment Report Latin America 1H2019
● Report: Fintech Investment Report Latin America 3Q2019
● Report: Fintech Market in Singapore 2018
● Post: Taking the Pulse of Latin America Fintech Market at Iupana
● Post: N26 and others are entering in Brazil but it might not go as they expect
● Monthly Column: Fintech Snapshot of the Latin American Market at Iupana
● Article: The Battle to Become the Mexican Nubank at TechCrunch
● Article: The Emergence of Super Apps in Latin America at TechCrunch

69.
Thiago Paiva
● UOB - State of Fintech in ASEAN:
https://www.uobgroup.com/techecosystem/pdf/UOB-State-of-FinTech-in-ASEAN.pdf
● EY - ASEAN Fintech Census:
https://www.ey.com/sg/en/industries/financial-services/ey-asean-fintech-census-2018
● Startupbootcamp Fintech and PwC - The State of Fintech 2017:
https://www.pwc.com/sg/en/publications/assets/fintech-startupbootcamp-state-of-fintech-2017.pdf
● Google and Temasek Report on SEA:
https://www.blog.google/around-the-globe/google-asia/sea-internet-economy/
● Jungle Ventures - SEA Venture: Discovering Opportunity in a fragmented market.
https://www.slideshare.net/JungleVentures/sea-venture-discovering-opportunity-in-a-fragment-market
● Singapore Startup Ecosystem and Entrepreneur Toolbox:
https://www.slideshare.net/arnaudbonzom/singapore-startup-ecosystem-and-entrepreneur-toolbox-51515671
● Singapore's Tech-Enabled Start-up Ecosystem
http://techsg.io/upload/files/research/1453173164742.pdf
Extra Resources - Reports

70.
Thiago Paiva
THANKSFORREADING!
Please, don't be shy and share this material!

71.
Thiago Paiva
Collaborators
Erica Hoeveler
Citi Citizen in Singapore
CFA, Kellogg MBA, and tech
entrepreneur
I'm very thankful to some people that collaborated with this material by giving their
feedback and correcting some information. Big thanks to:
Markus Gnirck
Co-founder & Director at Tryb
Early stage fintech investor in
Asia
Jeremy Berger
Portfolio Director at Life.SREDA
and COO Arival Bank
Varun Mittal
ASEAN FinTech Lead at EY
Founding Member at SFA and
AFN
Wanyi Wong
Fintech Partner at PwC
Chia Hock Lai
President at Singapore Fintech
Association (SFA)
Advisor in many fintechs

72.
Thiago Paiva
Fintechs Worth More than US$ 1 bi
Potential Unicorns (> US$ 100M)

73.
Thiago Paiva
Let's connect!
Wanna have a coffee? I would love to hear your take on the
material and the fintech ecosystem in Singapore. Also, I
would be happy to talk about VC, fintech, Security Tokens,
and Latin America. Schedule below:
https://calendly.com/thiagopaiva/coffee-with-thiago/
https://www.linkedin.com/in/topaiva/
@ThiagoPaiva
www.startupbizmodel.com
Send me your feedback and comments on my
email: thiago.o.paiva@gmail.com

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Thiago Paiva
Top 20 Fintech Influencers in Fintech by E27
Source: https://e27.co/top-50-fintech-influencers-singapore-20171215/
1. Prakash Somosundram, Founder and CEO – Pealo PTE LTD
2. Neal Cross, MD and Chief Innovation Officer – DBS Bank
3. Aman Narain, Head of Digital, APAC – Schroders
4. Slava Solodkiy, Managing Director – Life.SREDA venture capital fund
5. Varun Mittal, Associate director, Asia pacific Fintech – EY
6. Scott Bales, Enterprise Business Development, APAC – Amazon Web Service
7. Stefano Covolan, Head of Marketing and Growth – Dragon Wealth Asia
8. David Moskowitz, Director – Attores Pte Ltd
9. Christian Konig, Digital Consultant/FinTech Expert – Finanzpro Ltd
10. George Kesselman, Co-founder/CEO – InsurTech Asia
11. Antony Lewis, Director of Research – R3, Singapore
12. Rob Findlay, Founder – Next Money
13. Chris Doerfler, Co-founder – Ramps.io
14. Shwetank Verma, Director Collab – LumenLab
15. Augustus Loi, Senior Analyst – Infocomm Investments Pte Ltd
16. Steve Leonard, Founding CEO – SGInnovate
17. Daniel Liebau, Founder – Lightbulb Capital
18. Balasubramaniam GD, Senior Vice President, Risk Management Group CBGWM & SME – DBS Bank
19. Bert-Jan Van Essen, CEO and Founder – Cloud consulting services Pte ltd
20. Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore, Singapore Government

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Thiago Paiva
Latin America - Payment Method
Source:
https://www.bloomberg.com/news/articles/2017-09-04/for-all-its-tech-savvy-singapore-still-prefers-cash-over-digital-payments
Cash is still king in Latin America, specia

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Thiago Paiva
1. Prakash Somosundram, Founder and CEO – Pealo PTE LTD
2. Adam Reynolds, CEO Asia Pacific - Saxo Capital Markets
3. Alistair Duff, Co-Founder & Head of Asia Pacific - DrumG Financial Technologies
4. Altona Widjaja, Vice President - OCBC Bank
5. Anson Zeall, Co-founder CEO/CTO, CoinPip
6. Ayesha Khanna, CEO - ADDO AI
7. Chia Hock Lai, President - Singapore Fintech Association
8. Dan Liebau, Founder - Lightbulb Capital
9. Daphne Ng, CEO - Jupiter Chain
10. Darius Sit, Managing Partner - QCP Capital
11. David Hardoon, Chief Data Officer - Monetary Authority of Singapore (MAS)
12. David Lee, Co-founder - BlockAsset
13. Dušan Stojanović, Founder and Director - True Global Ventures
14. Fernn Lim, Head, Culture and Fintech Acceleration - The Open Vault at OCBC
15. Gina Heng, Founder - Miss Kaya
16. Hope Liu, CEO - Eximchain
17. Igor Pesin, Partner / Investment Director, Life.SREDA VC
18. Jacqueline Loh, Deputy Managing Director - Monetary Authority of Singapore (MAS)
19. Janet Young, MD & Head, Group Channels & Digitalization - United Overseas Bank (UOB)
20. Joe Seunghyun Cho, Co-founder and Founding CEO - LATTICE80
Top 20 Fintech Influencers by LATTICE80
Source: http://www.lattice80.com/lattice80-fintech-50-singapore-top-influencers/

77.
Thiago Paiva
Main Fintechs in the Region

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Thiago Paiva
Most Active Equity Investors (1 of 2)
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Thiago Paiva
Fintech and Corporate Partnership
● Theta Ray
● BlackSwan Technologies and Silent Eight
● Funding Circle and Moolah
● Kasisto
● Xero
● Razer
● Personetics
There still aren't as many cases of partnership as it would be expected with so many fintech initiatives from
financial institutions. Probably because most of those institutions developed or are developing internal
capabilities to create digital solutions themselves. Find below some examples of those collaborations:

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Thiago Paiva
Digital Banking
● 1st place globally in Online Banking Penetration (82.5%)
● 5th place in mobile banking penetration
● 6th most open country to new digital platforms.
● 70% of the population is open to a digital alternative banking
Singapore has one of the most advanced digital banking systems in the world. Where opening a
account digitally or using a chatbot to transfer money and pay bills are already part of the daily
routine of the citizens. The digital transformation started in 2008 led especially by DBS, who was
elected World's Best Digital Bank by Euromoney in 2016 and 2018. Here follows some other
relevant information (2018):
Source: https://sbr.com.sg/financial-services/news/nearly-7-in-10-consumers-embrace-digital-banking
https://www.oracle.com/a/ocom/docs/dc/digital-demand.pdf

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Most Active Equity Investors (2 of 2)
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