Panama’s Fintech Ecosystem reached the panamazing milestone of 100 Fintech companies 🚀. According to Javier Buitrago, secretary of the Panama Fintech Chamber 🇵🇦, the growth has been faster than expected. Their data reveiled the following distribution accross the different segments.
The largest segment is PayTech, with 35 firms driving innovation in Digital Payments (e.g. Cuanto, Kuara, PagueloFacil). This is followed by Lending Platforms (18 companies; e.g. luzverde (Techstars ’22)) and Technology Providers for Financial Institutions (ET-FIs, 9 companies e.g. IBIS Management Associates Inc.). Other active areas include RegTech (8) and Neobanks (8, e.g. Nequi), InsurTech and Open Finance (6; e.g. PayCaddy (YC W22)), DeFi and Crypto Solutions (5), followed by Business Finance Management (3), WealthTech (2), and Crowdfunding Platforms (2).
According to Rafael Robinson, President of the Panama Fintech Chamber, the the country’s economic and political stability, the US dollar 💵 as currency, the existence of an International Banking Center with more than 60 financial institutions and the high level of connectivity (air, sea, digital) are a few of the main factors attracting fintech companies to Panama.
