Nearshore Americas

Brazil’s M2Sys Partners with Grupo Zadock in Paraguay

Brazilian technology solutions vendor M2Sys has expanded into Paraguay, after reportedly partnering with Paraguayan IT consultancy firm Grupo Zadock.
M2Sys, which helps banks turn paper documents into digital images, is setting up an operation with about a dozen employees in the capital of Asunción.
According to Business News Americas, the company has also planned to expand operations into Mexico, with plans to send executives there to seek out local partners.
M2Sys processes more than 3 million financial and non-financial documents annually. The company says the kind of technology it has employed has helped banks save billions of dollars in processing and transportation costs.
One of its technology solutions, released recently, helps people open bank accounts without visiting the bank, by sending all documents, including photo and signature, over a smartphone.
Aside from banks, M2Sys claims it is also helping Brazilian universities and law firms use smartphones to encrypt paper documents, and issue certificates and other documents electronically.
M2Sys began operations about ten years ago, processing scanned checks and other financial documents for a few banks in Brazil. Today, the company claims to be serving 18.
With 500 employees, M2Sys runs offices in Curitiba and Brasilia. Business News Americas says the company is also set to launch an office in Sao Paulo.
Mobile banking has been growing by more than an average of 100% in Brazil over the past few years. According to Deloitte, there were more than 11.2 billion mobile banking transactions in Brazil in 2015, a 138% increase from the 4.7 billion transactions reported in 2014.

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Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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