The rise of the Fintech industry in emerging economies reflects their efforts to achieve a greater economic growth. This indirectly is related to attracting foreign investment, as a market in which current technologies are facilitators of transactions is more attractive. This effect results, therefore, in a higher social welfare state by incentivizing companies to innovate; citizens to be better trained, thus offering a challenge to education, which results in the birth of ideas that help shape the course of industries and, thus, many other side effects that will manifest themselves, in the form of well-being, in the long run. Economies, such as the Colombian one, are increasingly inclined to markets and operations through digital channels. Even now, during times of pandemic, governments in similar economies have opted for digital transfers when distributing subsidies to vulnerable populations and individuals outside the banking system, thus extending the scope of resources that are usually concentrated in larger cities. The above, leads to study the effect of financial technologies such as online banking, digital wallets, payment platforms and cyber trading, to name a few, have on the market. In this document, we will briefly review some definitions of the term Fintech and the presence of companies such as digital wallets and payment facilitating platforms in Colombia and other territories of Latin America.
