In the past three years, Latin America has been the home of incredible development in the financial technology sector. The number of fintech companies and innovative financial services that are now available to the region has grown significantly with respect to what the landscape had to offer prior to 2020.
In 2021 there where over 300 million users of digital payments in the region (primarily in Mexico and Brazil) and the main fintech sectors had all grown in the region, including digital payments, transactions fully conducted by digital banks, and alternative finance lending.
Along with the market that has now formed in the region, there is a growing need for the technologies and platforms that will help integrate and manage these new financial operational capabilities, while also complying with new and ever-evolving regulations for their sector.
A great example of the companies this dynamic environment has prompted froward is Topaz, a software company with a full banking platform focused on Latin America, which is now serving over 270 clients in the region, while continuing to strengthen their operation with a cloud strategy specifically designed for the financial sector.
Maximizing potential through IBM Cloud for Financial Services
Topaz recently became the latest partner in the region to be validated under IBM Cloud for Financial Services, which aims to help reduce risk throughout the supply chain by addressing resiliency, performance, security and regulatory compliance requirements for financial institutions. Now the company will be able to support their main solution – Topaz Core Banking – through IBM Cloud, and its critical mission operations can run on a cloud environment that is secure and that complies with regulatory demands for financial institutions.
“We are thrilled to announce that Topaz has become validated under IBM Cloud for Financial Services. This is an exciting step for Topaz, as it is aimed at offering top-notch SaaS to our over 270 clients across Latin America. This is the result of a process accompanied by IBM, which highlights the relevance of partnerships in the technology and fintech ecosystems to accelerate innovation and financial institutions’ digital transformation in the region.” Mentioned Jorge Iglesias, CEO at Topaz.
For Topaz, this also means access to the IBM Cloud Framework for Financial Services, which is designed to set new standard for the compliance-conscious industry. IBM Cloud for Financial Services can help financial institutions to reduce the complexity of managing ISVs and SaaS workloads while also helping institutions demonstrate regulatory compliance with more efficiency. In addition, it provides access to IBM’s decades-long expertise in the financial sector and prioritizes trust and security throughout the supply chain.
It is encouraging to see a leading Latin American fintech company like Topaz become verified under IBM’S Cloud for Financial Services, built on an infrastructure that includes the resiliency, performance, security, that our clients demand, particularly those in regulated industries, such as financial services. This step is a great sign of collaboration in the financial technology sector for Latin America because it demonstrates how the ecosystem can integrate to offer a robust solution to the market, with the ultimate objective to better serve the growing number of digital finance and banking consumers in Latin America
The joint power of transformative technologies like IBM Cloud, and the latest digital financial capabilities offered by companies like Topaz is an exciting possibility on the road towards digital transformation in Latin America, where adoption is well underway and the possibilities for true digital integration are still ripe for discovery.