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Contxto – Argentine Koibanx already had ops and users in three Latam countries before the coronavirus (Covid-19) pandemic chased everyone indoors. Nevertheless, that won’t stop Koibanx’s plans to expand into Mexico.
The fintech recently announced it intends to open offices in the largest Spanish-speaking market “as soon as the circumstances allow for it.”
At the moment it’s hard to tell when that will happen and make it reasonable to open offices in the capital. In any case, Koibanx will join a growing number of startups in Mexico that are developing the entrails for fintechs, banks, and other financial institutions to develop their own products.
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Koibanx brings blockchain technology to Mexico
Koibanx offers a back-end platform for banks or other financial institutions to connect APIs. But its specialty is the use of blockchain technology to register transactions. And even though it hit “pause” on its formal expansion plans, this wouldn’t be Koibanx’s first venture into Mexico.
This fintech was part of Finnovista’s recent batch of graduates from its Startupbootcamp Scale Fintech program. Through its participation in the accelerator, Koibanx was able to get a feel of the Mexican market, its familiarity with blockchain tech, as well as meet with key institutions and businesses.
And to its credit, this fintech has plenty of experience collaborating with a variety of organizations.
In Colombia, Koibanx worked with Davivienda, a major bank there, to create an e-wallet in 2019. It also partnered with Colombia Fintech to promote the use of blockchain tech within the country’s ecosystem.
In its native Argentina, the startup cooperated with the municipal government of Marcos Paz and developed a payment system over the RSK network. Through the platform, neighbors and local businesses were encouraged to exchange goods and services.
Certainly, this background will prove invaluable in connecting with customers and partners in Mexico.
Now if only the Covid-19 contagion would cooperate…
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