Israeli companies bet on Mexico’s fintech sector

Israeli companies

from the financial technology sector , better known as fintech , are seeking to promote their progress in Mexico while boosting the development of Mexican firms working on that sector.

“In Israel, fintech companies provide many solutions. There are around 400 companies of this kind and many of them are thinking of expanding outside the country. We believe that Israel is somewhat isolated because there are many countries around us we have no business relations with. This is why companies are reaching out beyond the Atlantic,” said the financial adviser of the Embassy of Israel in Mexico, Uriel Raviv .

A delegation of 12 Israeli companies from the fintech sector recently visited the country to show their technological development, promoting rapprochements with Mexican firms such as Banorte and BBVA Bancomer .

“We’ve seen a considerable development of fintech industries in Mexico and this is an opportunity for us to develop together. The Mexican market has come up with many technological solutions that are still unknown to us, and we would like to promote them in Israel. This is an opportunity to build a connection,” Raviv explained.

Mexico’s recently approved Fintech Law

has laid the foundations for the development of the sector through stronger controls and juridic certainty, according to Raviv.

“The law is very much ahead of its time. We don’t have this kind of fintech law in Israel. I think it will put the sector in order and ultimately attract investors to Mexico,” he stated.

According to the financial adviser, Mexico is setting an example for fintech development in face of its low bankization. “There are many opportunities in Mexico since not many people have bank accounts. The opportunities that this market has to offer are bold, disruptive, and interesting.

Some of the aspects that Israeli companies have mostly focused on are cybersecurity, payments, and customer identification .

BioCatch

is a good example of this technological development because it offers behavior biometrics, which serve to analyze interactions between human beings and devices in order to protect users and their data. Another good example is Cybiller , a consulting firm which specializes in cybersecurity and cyberintelligence, working with both private and government organizations operating in Latin America .

FinTech companies face new challenges in Mexico

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