Panama has established a Financial Innovation Hub, also known as Finhub, which provides financial sector innovators the opportunity to interact with regulators and supervisors. This ecosystem facilitates communication about business models and emerging technologies in the financial sector, fostering the creation of new business models, applications, and processes.
Innovation in financial services, driven by technology (FinTech), is experiencing exponential growth worldwide. In this context, the creation of the Financial Innovation Hub in Panama aims to promote collaboration between stakeholders in the sector and regulatory authorities, enabling smooth dialogue about trends and advancements in financial technology.
One of the key objectives of this Hub is to promote the adoption of innovative technologies in the Panamanian financial sector, driving modernization and efficiency in the services offered. Startups and established companies in Panama will benefit from this interaction space, which allows them to present their business models and technological solutions to the relevant authorities for evaluation and possible implementation.
In the words of a representative from Panama's financial sector: "The Financial Innovation Hub represents a unique opportunity to strengthen collaboration between the actors in the financial ecosystem and regulators, promoting a conducive environment for the adoption of innovations that drive the development of the sector in the country."
