Tech Opportunities in Latin America According to SWITCHBy Sofía Hanna | Tue, 11/09/2021 - 10:16
Mexico is one of the fastest-growing markets in Latin America and brings numerous opportunities for technological companies, said David Geisen, Mercado Libre’s Country Manager in Mexico during the Singapore Week of Innovation and Technology (SWITCH). During the “Tech Opportunities in Latin America” presentation, hosted by Latin Leap, Geisen discussed what the market might expect after the new member of the Pacific Alliance, Singapore, joined.
“Of the 18 markets Mercado Libre is present in, Mexico is the fastest growing and this trend has been taking place since 2019,” said Geisen. In 2020, e-commerce sales grew by 81 percent in the country. Also, e-commerce increased its penetration by 21 percent and three out of every four Mexican internet users are expected to buy online. Geisen’s presentation was sponsored by Latin Leap, which aims to be the tech bridge between Asia and Latin America and create opportunities by soft-landing international state-of-the-art technology and closing the digital gap between both regions.
Mexico is becoming an increasingly attractive market thanks in part to its ideal location, which allows an even further expansion due to its commercial neighbors. Shipping, warehousing and advertising solutions are gaining strength in the country.
Latin Leap’s Stefan Krautwald announced the launch of their Market Readiness Programme Leap2Latam in partnership with Enterprise Singapore, which will offer Singaporean companies an efficient market entry to Latin America. This new program offers tailored solutions for tech startups in series A, B or C from Singapore ready to venture into the Latin American market.
As previously reported in MBN, Singapore recently joined the Pacific Alliance, which comprises Chile, Colombia, Mexico and Peru, to develop best practices and synergies in technology and production chains. Through their new partnership, Leap2Latam and Enterprise Singapore aim to develop more opportunities for Asian businesses in Latin America and Mexico.