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Technology advancement in the financial services industry is essential to transform financial operations and boost economic growth in Latin America. However, it is essential that existing challenges in the region continue to be addressed to ensure that the benefits of Fintech services are accessible, convenient and innovative for both society and businesses.
Google Cloud recognised this challenge and set out to find innovative artificial intelligence (AI) solutions within the region's Fintech ecosystem. To achieve this, Google Cloud partnered with FINNOSUMMIT, the leading high-impact networking, content and events platform for the Fintech community in Latin America.
Held as part of the pioneering Fintech event in Latin America, FINNOSUMMIT Challenge has become much more than a startup competition in which entrepreneurs help solve a corporate challenge. It is an engagement programme designed, implemented and executed according to the requirements of a corporate partner that seeks to leverage the Fintech ecosystem to forge relationships and partnerships with startups.
Challenge and Strategy:
Google Cloud saw the need to identify the most innovative Fintech startups in Latin America that were either venturing into or planning to incorporate artificial intelligence into their tech stack.
FINNOSUMMIT, with more than 10 years knowledge and experience helping to transform the region's financial services industry, and through its extensive and diverse network of startups, entrepreneurs, innovators and financial technology experts, provided the perfect platform to identify and promote innovative solutions for Google Cloud as part of FINNOSUMMIT 2023.
The result: the discovery of the most talented teams in the region.
Upon receiving 50 applications from 13 different countries, 10 solutions were selected to participate in the FINNOSUMMIT Challenge ‘Artificial Intelligence in Fintech, powered by Google Cloud edition’, where Google sought to discover, promote and empower the most talented teams in the region. Among the finalists was Algorithia, a company specializing in data and analytics that, after the competition, announced a strategic collaboration with Google Cloud to empower digital transformation and innovation in Mexican organizations.
Algorithia, backed by Google Cloud, has been dedicated to empowering organizations in a variety of sectors, including finance, retail, logistics, media and telecommunications. Using platforms such as Tensor Flow, Vertex AI and Natural Language AI, Algorithia develops customized solutions for clients, with a focus on predictive analytics, customer segmentation and personalized recommendations.
The impact of Google's partnerships with Fintech entrepreneurs
The collaboration between Google Cloud and Algorithia has enabled the development of programmes that facilitate the adoption of artificial intelligence across multiple market segments. In addition, they have hosted more than 40 customers at their Mexico City offices to share the vision of the collaboration and present exciting initiatives.
In the previous edition of the FINNOSUMMIT Challenge, Maat.ai also joined this collaboration to deliver innovative solutions backed by Google's powerful cloud platform.
FINNOSUMMIT Challenge, the gateway to the most innovative Fintech startups in the region
FINNOSUMMIT Challenge has become one of the most important Fintech competitions and startup engagement programs in Latin America, with previous editions featuring startups such as Openpay, which was later acquired by BBVA, and Arcus, acquired by Mastercard. This initiative continues to drive technology advancement in the Fintech sector and promote collaboration between leading companies in the financial and technology sector, such as Google Cloud, and emerging Fintech startups in the region.
