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Bancolombia to invest $100M in digital innovation in 2018

Bancolombia SA has allocated $100M for digital innovation and transformation initiatives in 2018 and will invest between 60% and 70% of that amount within Colombia, La Republica reported, citing Gabriel Di Lelle, the group's vice president of innovation and digital transformation.

According to the executive, the move is aimed at boosting financial inclusion and finding new ways to identify customer needs within agriculture and other sectors where Bancolombia sees new technologies helping with the "democratization of investments and to give universal financing access to users."

Bancolombia is reportedly also developing a nonbanking platform for an online marketplace called Rótalo.