Canadian fintech further expands its network in Latin America to deliver cross-border payments to eight countries and half a billion people.
Buckzy Payments, a real-time cross-border payments network, has announced it has extended its payments network throughout Central and South America.
The Buckzy network now covers eight countries in the LATAM region – Argentina, Brazil, Chile, Colombia, Guatemala, Honduras, Mexico and Uruguay. As part of the expansion, Buckzy will also deliver virtual account capability in the national currencies of each country, for banks, fintechs and other providers to offer to their customers.
Commenting on the news, Abdul Naushad, president and CEO of Buckzy, said, “The pandemic has scaled up the demand for digital financial services worldwide, and Latin America is no exception. This region is viewed as one of the most important in terms of market opportunity with a large percentage of the population currently without access to the digital economy.
“This is a market undergoing major change and our infrastructure and solutions are ideally suited to those neobanks and fintechs looking to break new ground in the region, as well as traditional players looking to enhance their customer experience,” he explained. “There is huge potential to democratise access to financial services in the region and we are now even more well placed to support the rapidly growing financial services industry.”
Buckzy already provides connectivity to Guatemala and Honduras in Central America. The plans announced today extend the Buckzy network into six more countries – Argentina, Brazil, Chile, Colombia, Mexico, and Uruguay.
“Over the last few years, digital banking in Latin America has experienced extraordinary growth on the back of changing customer needs, rapidly evolving regulatory standards and expanding technological penetration – for example, according to Statista, some 73 per cent of adults are forecasted to have a smartphone in South America by 2025, up from 69 per cent in 2021, which is transforming the market for financial products and services across the region,” continued Naushad.
“These trends have created a huge opportunity to improve the banking experience through tailored, personalised solutions for every area of money management. Our extensive payments network and embedded finance infrastructure convey real-time cross-border payments, while enabling traditional banks, financial institutions, neo-banks and fintechs alike to offer customised, secure solutions delivered through a unique financial services ecosystem and a modern, flexible platform,” he concluded.