The director of digital banking of Santander Mexico, Javier Castrillo, said that within a period of five to six years it is feasible to increase financial inclusion via technology, with which the Cobro Digital platform (CoDi) of Banco de México can match the results of India with its UPI program.
“In less than a decade, achieve financial inclusion and reduction of cash. The metrics we have have been radically modified. CoDi seems like a big step, a fundamental idea similar to what countries like India did with UPI and it was a watershed in inclusion, “he said.
During a forum on financial inclusion organized by the bank and the British Embassy in Mexico, the Santander executive added that the strategy that seeks to apply the financial authority in conjunction with institutions to combat the use of cash is similar to policies that gave good results in China.
The financial firm presented, in collaboration with the Embassy of the United Kingdom, a study on the challenges, perspectives, and opportunities for the development of fintech companies in Mexico.
“Santander México has found in the fintech an ally for the promotion of innovations in its products, more than a competition, which has allowed to create from ideal digital payment solutions for financial inclusion, innovative automatic saving tools and sensible improvements in our digital platforms, “explained the bank.
The study Making finances work for women was presented at the forum. The document highlights barriers to the financial inclusion of women, in the supply of financial products, as well as their needs.
Also published on Medium.