Diversity: A Must for Startups, Venture Capital
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Diversity: A Must for Startups, Venture Capital

Photo by:   Matheus Viana, Unsplash
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Sofía Hanna By Sofía Hanna | Journalist and Industry Analyst - Thu, 01/19/2023 - 09:00

While venture capital investment has increased in recent years, much of this capital does not reach minorities, writes Liliana Reyes, CEO, Mexican Private Equity Association, in MBN. Cryptocrime reached a record high of US$20 billion in 2022, linked to the value of cryptocurrency transactions tied to illicit activity. Meanwhile, Ualá announces new services for Mexican users. Finally, Latin America’s GDP could grow by 1% in 2023, a sharp drop from 2022’s 3.8%. 

 

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Diversity, Social Inclusion an Ongoing Issue for Private Equity

Mexico’s private equity industry has grown over 12 percent annually in the last 20 years. Despite the growth in venture capital investment seen in recent years, oftentimes these funds do not reach startups led by women or minorities, writes Reyes. “While we must continue to work toward closing the gender equity gap and, above all, to generate safe spaces for women, it is also important to start addressing the issue of social inclusion.” 

 

Crypto Crime Reaches New High: US$20 billion in 2022

Little to poor regulatory oversight, pseudonymity and the irreversible nature of crypto transactions made them a perfect getaway car for cybercriminals. Therefore, despite the successive collapse of several cryptocurrency firms throughout 2022, the value of cryptocurrency transactions tied to illicit activity inflated to a new estimated high of US$20.1 billion in 2022, according to a report by Chainalysis. With the value of crypto diminished, the volume of crypto transactions tied to scams, ransomware, terrorism financing and human trafficking fell as criminals turned toward other activities. Instead, there has been an observed uptick in attacks involving remote-banking trojans, malware designed to steal privileged credentials, phishing attacks, credit card harvesting and other attacks that look to make off with conventional currency, notes email security company Proofpoint.

 

Ualá Continues Investing in the Mexico

Ualá ABC announces a new mode that will allow users to pay bills and buy airtime instantly and without commissions. The company has been gradually adapting its financial services to the Mexican market and introducing new functionalities tailored to the country. “Aiming to improve and simplify the user experience and the management of personal finances, the app launched a new feature that will allow users to pay their electricity, water and gas bills, buy cell phone airtime and pay for other services directly from their mobile application,” says the company in a press release.

 

Latin America’s GDP Growth to Drop in 2023: Moody’s

The GDP of Latin America could grow by 1% in 2023, which denotes a sharp drop from 2022’s 3.8%, reports Moody’s. Expectations show that a slowdown in productive activity will strongly affect the region's GDP. This potential slowdown had been expected since last year, even though the region had not experienced economic declines like those seen in the rest of the world. Latin America’s economic slowdown “reflects both the monetary authorities’ efforts to control inflation and the side effects of an inauspicious global outlook. Somewhat sluggish growth in the US and China is expected to dampen demand for exports while rising US interest rates are likely to mean that financial conditions will remain tight,” writes the World Bank.

Photo by:   Matheus Viana, Unsplash

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