Business

Scotiabank to open fintech accelerator in Mexico City

Scotiabank fintech
The accelerator will house 10 fintech start-ups of young talent from Latin America.

Scotiabank and The Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM), commonly referred to as Tec de Monterrey,  announced the launch of Factory A in Mexico City, the bank’s first accelerator.

“Factory A will unite the entrepreneurial and innovative focus of Tecnológico de Monterrey with Scotiabank’s digital and banking experience”, said Enrique Zorrilla, CEO, Scotiabank in Mexico, “We are pleased that the partnership is providing a solid foundation for FinTech growth in the region.”

Young entrepreneurs from Latin America

Factory A will select 10 FinTech ventures made up of young entrepreneurs from Latin America to join the program’s Entrepreneur Coworking ecosystem. They will participate in prototype labs and receive legal counsel, public relations support and mentorship from leaders across the bank and Tec de Monterrey’s networks.

The program will explore tools and techniques for leveraging innovations and tackling technology related challenges such as data analytics, alternative scoring, electronic payments, Internet of Things, Know Your Customer (KYC) and cybersecurity in the digital ecosystem.

“The partnership with Tecnológico de Monterrey is a natural fit for Scotiabank as we both value entrepreneurship and innovation,” said Ignacio (Nacho) Deschamps, Group Head, International Banking and Digital Transformation at Scotiabank. “Partnering with academic institutions gives Scotiabank access to innovative research conducted by some of the brightest minds in the country.”

Promoting the FinTech industry in Latin America

“Developing models and networks of entrepreneurship is the key to meeting our goal of educating leaders, fostering an entrepreneurial spirit and establishing internationally competitiveness. We are confident that this alliance with Scotiabank will promote the FinTech industry within the country,” said Isaac Lucatero, Regional Director of the Entrepreneurship Institute Eugenio Garza Lagüera, Tecnológico de Monterrey.

Scotiabank is Canada’s international bank and a leading financial services provider in the Americas. We are dedicated to helping our more than 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

With a team of more than 97,000 employees and assets of $998 billion (as at October 31, 2018), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

TECNOLOGICO DE MONTERREY

The Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM), commonly referred to as Tec de Monterrey, is a private university with headquarters in Monterrey, Nuevo León, Mexico. Recognized for its great reputation and academic recognition, Tec de Monterrey is one of the 45 universities in the world named with 5 QS Stars. In addition, the university holds the most registered patents in the country in the areas of biotechnology, health, automotive, food and manufacturing innovation.

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