Consortium Legal

The fintech industry has revolutionised the traditional financial industry as we used to know it, at a faster pace than many could imagine.

Ever since the Republic of Nicaragua became a member of the Financial Action Task Force of Latin America (GAFILAT), Nicaragua has experienced a gradual, yet impactful, overhaul in its provisions regarding prevention, detection and criminalisation of activities involving money laundering and financing of terrorism.

The fintech ecosystem in Guatemala has seen a steady rise in the number of fintech startups and operational companies that provide alternative financial services in country. According to the Inter-American Development Bank in its 2018 report entitled 'Fintech Latin America 2018 – growth and consolidation', as of December 2017 there were four operational fintech companies in Guatemala. However, according to the Asociación Fintech de Guatemala, which was recently formed by various fintech companies, as of the second quarter of 2019 there were 16 fintech companies in Guatemala.