Canadian financial services firm Scotiabank’s fintech accelerator FactoryA has selected 10 startups from Chile, Colombia and Mexico for its four-month incubation program.
Dubbed Latin America’s first corporate-sponsored startup accelerator dedicated to fintech, the program provides opportunities for young entrepreneurs to explore new technologies, such as artificial intelligence and machine learning, to develop innovative fintech products and services.
The news comes three months after Scotiabank launched the accelerator in partnership with Mexico’s Tecnológico de Monterrey university.
Chilean startup La Plataforma, which provides remittance services, and Colombia’s Betriax, which helps Latin American companies exchange international currencies, are also among the enterprises chosen for the program.
The startups will receive legal counsel and public relations support as well as mentorship from experts associated with the bank. They will also be taught how to tackle cybersecurity issues.
Scotiabank will also connect them with potential investors, in addition to teaching them about methods of improving processes and fostering a team spirit among employees.
The participants can also make use of Scotiabank’s digital factory in Mexico City, launched in 2017 for promoting financial inclusion in the region.
“Developing models and networks of entrepreneurship is the key to meeting our goal of educating leaders, fostering an entrepreneurial spirit and establishing international competitiveness,” according to Isaac Lucatero, a director of entrepreneurship development at the Tecnológico de Monterrey.