THE PROGRESS Technological innovations in the financial field have generated a digital transformation process led by fintech, companies that combine technological innovation with the provision of financial services.
This technological phenomenon, focused on the ability to manage financial matters through mobile devices, has given rise to a series of trends and challenges within the payments sector. In a report sent to EL NUEVO SIGLO, Victor Ramirez, Audit partner and fintech industry leader at BDO in Colombia, highlights that the benefits provided by these tools leverage the economy. “The above events are seen as an opportunity to encourage the Colombian economy, which has traditionally focused on primary sector production,” he says.
In that sense, the expert also relates the importance that the country is giving to the fintech sector and what it means for advancing as a nation. “In the case of Colombia, through the National Development Plan, it opens the door for open banking, these factors where fintech are protagonists (technology, education, risk assessment, strengthening information security and strengthening alliances ) will be fundamental to guarantee the financial inclusion to which the country wants to advance.”
From the perspective of BDO in Colombia, primary challenges that the fintech sector faces in the field of cybersecurity are outlined. “Although cybersecurity is a risk to which any entity is exposed, fintechs have a disruptive technology called blockchain, which is defined as decentralized data that makes it difficult for hackers to access the information, since all Information is verified once it is registered,” says the expert.
He also highlights that monitoring to preserve information is key within the sector. “The fintech ecosystem also has intrinsic challenges related to the confidentiality and integrity of data, which is why constant surveillance and implementation of comprehensive security practices is important,” said Ramírez.