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KEY TAKEAWAYS: ENABLING FINTECH IN LATIN AMERICA

Key Takeaways: Enabling Fintech in Latin America

5 de agosto de 2021

Galileo was founded with a firm commitment to financial inclusion from the very beginning, as well as a focus on being the best partner to our clients.

Enabling fintech in Latin America

Galileo was founded with a firm commitment to financial inclusion from the very beginning, as well as a focus on being the best partner to our clients. Today, we are proud to be known as the API standard for card issuing and digital banking. With experience that ranges across the financial services industry from banking to fintech to payments in the U.S., Canada and Mexico and beyond, Galileo prides itself on our modern, easy-to-use APIs that enable clients to realize their most creative vision and deliver a better end-user experience in the process.

Founded in 2000, Galileo set the standard for modern APIs and is trusted by the world’s top fintechs. With 20 years of experience building the fintech ecosystem with our partners, here is a closer look at lessons learned along the way.

Rocket Fuel for Your Business

In an industry as fast-paced as fintech, the ability to think ahead to be positioned for the next step is critical to success. Galileo provides this forward-thinking growth mindset when collaborating with clients and partners, executing on functionality that is needed to meet today’s objectives, while also thinking ahead about what can be implemented in the future. Galileo helps clients get to market faster and drive an accelerated path to growth. With proven success in the U.S., Galileo is poised to provide solutions for the Latin American market as new needs and opportunities arise.

Take mobile wallets and push provisioning for instance, a solution that has not fully penetrated the Latin American market. Galileo is deeply familiar with the nuances of supporting these products and solutions in the U.S. market, and built a network of partnerships and vendors along the way. This experience is invaluable as it has equipped the Galileo team with key learnings and foundation in navigating the red tape, while also providing a fundamental understanding of the specific elements and functionalities the solution requires to deploy in new markets when the time allows.

Galileo’s platform is architected to support a wide range of fintech use cases, and to be able to add new product lines, which is significantly more flexible and growth-oriented than other platforms available in the market. Galileo has been working with fintechs that are reimagining financial services on a regular basis, leading us to build and support innovative products that have not yet been introduced Latin American market. However, as companies become ready, Galileo partners have access to these solutions and APIs, leveraging solutions that have already been created and proven success in other markets.

Experience Navigating the Regulatory Landscape

Regulatory compliance is ever-evolving within the Latin American market to keep pace with a growing sector in the region. And, with changes, there come important adjustments and modifications. In Mexico, for example, many fintechs or financial services companies are wondering if they need an IPFE or sofipo license, how often they have to report, what information is required for these reports, what level of security is required to be compliant – among other questions, while still focusing on scaling their main business.

Choosing an experienced partner like Galileo can help companies navigate the changing regulatory landscape while focusing on the core of their business. In fact, Galileo is the first API software innovator to secure Mastercard certification, as part of Mastercard’s Fintech Accelerate program in Mexico, making it a pioneer in the market. By meeting the standards required for certification, Galileo’s API-based platform enables fintechs launching in Mexico to build and launch payment services that meet the needs of consumers throughout the region, both quickly and easily. Galileo serves as a partner in navigating the regulatory process, with a wide range of reporting capabilities that can offer more than the market’s minimum requirements, again preparing companies to be ready for whatever tomorrow may bring.

Your Roadmap

With 20 years of experience, we have built a wide network of vendors and partners within and throughout the industry, across local, regional, and global markets. With direct connections to issuing banks, major payments networks, ecosystem partners and program managers, the Galileo platform gets you moving faster with the support you need to navigate today’s challenges and tomorrow’s opportunities.

As the fintech space evolves and becomes more competitive, many financial companies are asking themselves the same questions as they figure out how to stand out in an increasingly crowded ecosystem. What is your roadmap for expansion? Where will you grow geographically? Which new features will you implement and bring to market? Whatever your solution or product, a reliable partner with global industry experience like Galileo can help you get to your destination both today and tomorrow.

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