Porfirio Sanchez Galindo is an entrepreneur in Mexico’s fintech industry. He was trained to be an economist and mathematician at Stanford University. He worked in the public sector for six years before becoming an executive in media industry. One of his major accomplishments was expanding the reach of Marvel Comics and DC Comics across Central and South America.
— Porfirio Sanchez Galindo (@PSanchezGalindo) May 18, 2020
He said the fintech sector has been growing strongly in Latin America and especially in Mexico. Porfirio Sanchez Galindo said this is thanks to a 2018 law that regulated it. This has led to a rapid evolution since there’s now a legal framework to work within.
Fintech startups are able to offer financial services that traditional banks can’t. While startups are innovative and nimble, things take a very long time at traditional banks. For example, traditional banks are still using the COBOL programming language, which was introduced in 1959.
Porfirio Sanchez Galindo said COVID-19 has permanently changed how people bank. Gone are the days when people did most of their banking at a brick and mortar bank. People have transitioned to handling all of their transactions using mobile apps. The apps are much more convenient than physical banks and allow for social distancing.
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