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Jason Simon explains how OMNiLabs is changing Costa Rica FinTech

By: WebWire

For years now, many experts have been analyzing indicators that profile Latin America as a fertile ecosystem for the development of FinTechs, as international investors continue to show a strong interest in this region, permanently evaluating investment opportunities. A clear example of this can be seen through the arrival of OMNiLabs in Costa Rica. Jason Simon, a specialist in the subject, explains how the country's FinTech and its outlook have been affected thanks to OMNiLabs.

According to LAVCA (Latin American Private Equity & Venture Capital Association) estimates, in 2021, the FinTech sector in Latin America captured at least $6 billion. More and more companies of this profile are emerging in this region, and now there are about 2,500 different ones at present. However, it is important to understand that growth is not only a question of quantity but also of the maturity of many of these Latin American initiatives.

“For example, if we talk about the time of operations, 26% of these companies have more than five years of operation, while 37% reported having between two and five years in the market,” explains Simon. “Also, more than 60% profiled that their product is already in the most advanced stages of development, growth, and expansion, and ready to scale.”

Moreover, international focus is an increasingly important variable: about 30% of Latin American FinTechs also operate outside their home country. For investors, it is attractive for entrepreneurs to demonstrate the ability to scale their solutions in countries outside their own.

Now, being spectators of the wave of cyber attacks at a global level, it is obvious to understand that the digitalization experienced by Latin America also implies greater vulnerability and risk. “This is a real threat to all organizations and companies, whether public or private, regardless of the field in which they operate, and cannot stop the advance of technology,” says the expert. 

This scenario becomes even more complex for FinTech companies as they must simultaneously face the risk and danger of a cyber-attack. All this must happen at the same time that trust is generated among millions of users so that, with the same trust they have in traditional financial institutions, they use and adopt these new solutions.

As this is a region with growing Internet penetration, but still with high coverage to improve, new financial technology companies have found a market to provide new financial solutions, composed of a population that is not fully banked, but online to be financially included. 

Moreover, as the world recovers from the pandemic, banking and financial services are facing a new disruption by FinTech and “neobanks,” with competitive costs and a different approach, driven by technology to offer better customer service, have achieved a 36% growth in the number of companies and 24% in sales, between 2017 and 2020.

“In the digital era, the need for technological solutions that facilitate our day-to-day lives is becoming increasingly evident. That is precisely the goal of OMNiLabs, the software development company that offers various products and services in the region,” Simon states. OMNiLabs is composed of 16 companies of two types: technology products and services and works as an ecosystem, a universe that revolves around the development of user-centered software.

OMNiLabs currently has several products, including INGO, an eCommerce platform, El Conocedor, a media outlet that compiles news, and PEOPLE, marketing and communication services. Now, its goal is to take these products across borders, hand in hand with its flagship development Moniflow. This FinTech solution will allow people to better and more easily manage their finances.

About Jason Simon 

Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When he's not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.

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