“Panama is suitable for the digital economy”

Panama has all the conditions to consolidate as the center of the digital economy not only regionally, but also globally, according to financial expert Pablo Pereyra Portugal.

How soon would use of cash?

“It is difficult to determine whether cash will disappear completely, but we are clearly moving towards a society that relies less and less on it. This transition is gradual and its speed varies from country to country. For example, in regions such as Latin America, cash is also still important, but its prevalence is progressively decreasing with the increase in smartphone use and spread digital banking and electronic transactions” said Pereyra, Chief Revenue Officer at 2innovate.

How would transition of traditional banking future changes?

“The transition towards more innovative, digital banking is carried out by adopting financial technologies such as cloud banking and component banking architectures. These technologies offer greater flexibility and agility for financial institutions, enabling them to optimize their products and services according to current requirements.”

“Cooperation between traditional financial institutions, government bodies and financial technology companies. This includes updating legacy systems, educating people about new digital options and services, as well as appropriate regulations to ensure the safety and confidence of those using these tools.”

Wherein Fintech consists of?

Pereyra said the term Fintech refers to financial technology consisting of a series of innovations and technological solutions designed to improve and automate financial services. An example of this iwith Frame Banking TM, our platform payment and transaction processing that changes the way financial institutions and the end user interact with money.

Use of digital technology completely native to the cloud, Frame Banking TM uses a component-based architecture that provides scalability and flexibility to deliver a wide range of services and products through various channels within today’s financial ecosystem. Both Frame Banking TM Like many other Fintech innovations, they aim to make financial services more accessible, efficient and convenient.

What steps towards that banking future happening in the region?

In Latin America, significant steps are being taken towards the future of digital banking. The adoption of mobile payment applications and the spread of online banking are concrete examples of this progress.

In addition to these changes, they are also implemented regulations and legal frameworks for the Fintech world, which fosters innovation and trust between companies and those who use applications.

Today, many traditional financial institutions are developing their own digital solutions or collaborating with Fintech startups to offer more advanced services to their clients. For example, our company cooperates with major financial institutions region to promote its digital transformation and offer better services in each market.