Cloud companies are positioning themselves in Mexico, aiming to build upon a demand-heavy market. Meanwhile, industry leaders consider the competitive benefits of cloud adoption and cybersecurity in Mexico’s financial sector.
In international news, crypto theft reaches a new high. Venture capital firms show a growing interest in investing in Latin American tech startups.
This week in Tech news and developments:
The incontestable business advantage of early cloud adopters amid the COVID-19 pandemic set off a horizontal migration in Mexico, producing overnight an imbalanced, demand-heavy market for cloud services and solutions. To attend this sizable opportunity, Tech Mahindra and Google Cloud partnered to establish a new delivery center in Guadalajara.
Although migrating to the cloud is a challenge, it has offered companies significant advantages that helped them overcome the direct and indirect challenges produced by the COVID-19 pandemic. For those on the fence about migrating to the cloud, Luis Velasco, Country Manager, AWS, provides some reasons to take the leap in 2023.
“Mexico’s financial services sector has been transforming with the emergence of new institutions, products and solutions. At the same time, service consumer data is increasingly targeted by cybercriminals, implying the need to implement adequate security mechanisms, with a focus on protecting information and the reputation of financial entities,” writes Claudio Baumann, LATAM Director, Akamai.
Little to poor regulatory oversight, pseudonymity and the irreversible nature of crypto transactions made it 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.
Almost 20 Latin American-based, private equity-backed technology companies have gone public since 2019. While the region was one of the first to feel the massive pullback of investment in 2Q22, it has recovered, suggesting a rebound in venture capital funding.