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Report: Entry of global fintech firms in Peru to boost competition with banks

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Report: Entry of global fintech firms in Peru to boost competition with banks

Several financial technology services firms are expected toenter Peru soon, a development that could bolster competition between theindustry and the country's banks, ElComercio reported March 28.

Some of the global firms that could set foot in the countryas early as next year are Lenddo, Funding Circle and Kubo, according to SergioBarboza, a partner at law firm Pizarro, Botto & Escobar.

Meanwhile, one of the regional fintech firms that could operatewith some advantages within the industry is Afluenta, an Argentine companyestablished in October 2015 that is supported by the World Bank's InternationalFinance Corporation with capital for expansion within Latin America, the reportsaid.

Afluenta, whose services include matching borrowers withwilling investment lenders, aims to close 100 monthly credits in Peru in 2016before expanding to 10,000 a year by 2018, according to Facundo Turconi, thefirm's country manager in Peru.

Turconi said Afluenta enables people to access credit withbetter conditions and investors to get higher returns, as both parties managethe partnership with mechanisms that reduce the risk of fraud, money launderingand payment breaches. Furthermore, the firm offers a higher expected rate ofreturn in commissions as well as lower rates on loans compared to other bankofferings, Turconi noted.