On this day renowned for marking Cinco de Mayo, let us also celebrate Mexico's achievements in the fintech industry. Although Mexican banks were forced to move to alternative networks after hackers attempted to attack their real-time payments network this week, the country has made some significant moves in the financial technology industry of late. It also permits open banks and sharing of data by financial institutions through public application programming interfaces, more commonly known as APIs. As reported in the Financial Times, fintech startup accelerator Finnovista predicted that new financial companies has the potential of taking over 30 percent of Mexico's banking market in the next ten years. They all have secured funding and are expected to bridge gaps in the traditional banking industry.

Source: Forbes May 05, 2018 17:15 UTC