Credicorp, a prominent financial services company in Latin America, has announced its intentions to introduce new fintech offerings in Chile and Peru. This move is aimed at maintaining a competitive edge over emerging startups in the region.
Specifically in Peru, Credicorp is on the verge of launching a digital neobank called iO. This fully digital banking platform is set to go live in the coming month.
In Chile, Credicorp has plans to introduce a virtual credit card. This initiative is being carried out through its local fintech brand, Tenpo. However, the launch is pending regulatory approval, which is expected to be obtained within the next two to three months.
Credicorp’s introduction of virtual credit cards in Chile is a part of its broader strategy to enhance its digital presence in the country. Similarly, the company aims to expand its digital operations in Peru as well. The fintech startup investment wave in these two countries has been relatively limited, and Credicorp sees an opportunity to tap into this growing market.
Credicorp is considering replicating its microfinancing model in Mexico. The company’s Mibanco brand currently holds the position of the top microfinance lender in Peru and Colombia.
The company launched a digital wallet called Yape in Peru in 2013. Yape has since become one of the most popular digital payment platforms in the country, with more than 13 million users.
Credicorp is also a major investor in fintech startups. The company has invested in a number of startups in Peru, Colombia, and Mexico.
The launch of iO and the virtual credit card are a sign that Credicorp is taking fintech seriously. The company is well-positioned to compete with startups in Chile and Peru, and it could also replicate its microfinancing model in Mexico.
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