BBVA is making significant strides in Italy’s digital banking sector, and plans to extend these strategies globally. Additionally, the bank’s entrepreneurial investment arm, BBVA Spark, has invested in Creze, a Mexican fintech focused on SME loans. Furthermore, the Mexican Bank Association (AMB) has introduced a plan to assist individuals impacted by Hurricane Otis by offering the option to defer credit payments for up to six months.
This is the Week in Finance:
Mexico's Tech Week featured female experts who discussed the potential of blockchain technology. They highlighted the importance of blockchain decentralization, its potential to increase the financial inclusion of women, and the application of blockchain in digital art, particularly NFTs.
Creze, a platform specializing in SME loans, secured a MX$100 million (US$5.72 million) credit line from BBVA Spark, enhancing its mission to serve Mexican SMEs. The SOFOM has provided over 5,000 loans totaling MX$2 billion since 2020, employing AI and a risk assessment model. Creze aims to emphasize the significance of its collaboration with BBVA Spark in promoting an entrepreneurial ecosystem.
BBVA's digital banking strategy in Italy garnered over 160,000 customers in its first year, with plans for global expansion despite economic uncertainty, according to CEO Onur Genç. Digital sales constituted 78% of total sales in the first nine months of this year, marking a transformation in customer acquisition, with 65% of 8.3 million new customers added globally in 2023 coming through digital channels.
The Mexican Bank Association introduced "La Banca con Guerrero," a plan to assist over 300,000 clients affected by Hurricane Otis in Acapulco, allowing them to defer credit payments for up to six months. This initiative, potentially deferring up to MX$1.7 billion, covers various loan types, including personal, mortgage, credit card, and small and medium-sized enterprise (SME) loans.
Embracing AI poses both opportunities and challenges for businesses, necessitating cautious consideration and thorough testing before implementation, writes Fabrice Serfati, General Partner, IGNIA Partners. “Despite Latin American startups leading in AI adoption, with a transformative impact on operations and attracting investments, there is a notable lag in AI utilization among corporations,” he says.
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