Narayan AmmachchiAmerican fintech firm Galileo Financial Technologies has launched an office in Mexico City, offering to strengthen the Mexican fintech ecosystem, helping banks to adopt new payment services.
Galileo sells payment processing platforms, some of which are armed with artificial intelligence (AI) to detect financial frauds.
Tory Jackson, Galileo’s senior executive in its headquarters in Salt Lake City, has been told to take charge of leading the company’s operations in Mexico. Jackson will recruit staff for the Mexican office in addition to drawing up a strategy for the company’s expansion in Latin America, according to Galileo’s statement.
With nearly 400 fintech startups, Mexico’s is a growing hub for financial technology solutions. Moreover, it is one of the few Latin American countries with an exclusive law for regulating fintech firms.
“As of May 2019, Mexico was the leading Latin American country in the number of fintech startups, with 394 new companies working on financial technology solutions,” Jackson said.
“The Mexican market presents incredible opportunities that our fintech solutions can answer. Our new office is the base to facilitate the success of our local and international partners that are addressing Mexico’s expanding payments needs,” he added.
Mexico’s fintech consumer adoption rate stands at 72%, one of the fastest-growing rates in the whole world, according to EY’s Global Fintech Adoption Index 2019.
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