Scotiabank and The Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM), commonly referred to as Tec de Monterrey, announced last week they have teamed up to launch Factory A in Mexico City, which is the bank’s first fintech accelerator program.
According to the duo, 10 fintechs will be selected for the program and must consists of young entrepreneurs from Latin America to join the program’s Entrepreneur Coworking ecosystem. Each fintech will participate in prototype labs and receive legal counsel, public relations support and mentorship from leaders across the bank and Tec de Monterrey’s networks.
“The program will explore tools and techniques for leveraging innovations and tackling technology-related challenges such as data analytics, alternative scoring, electronic payments, Internet of Things, Know Your Customer (KYC) and cybersecurity in the digital ecosystem.”
While sharing more details about the program, Ignacio (Nacho) Deschamps, Group Head, International Banking and Digital Transformation at Scotiabank, stated:
“The partnership with Tecnológico de Monterrey is a natural fit for Scotiabank as we both value entrepreneurship and innovation. Partnering with academic institutions gives Scotiabank access to innovative research conducted by some of the brightest minds in the country.”
Isaac Lucatero, Regional Director of the Entrepreneurship Institute Eugenio Garza Lagüera, Tecnológico de Monterrey, went on to add:
“Developing models and networks of entrepreneurship is the key to meeting our goal of educating leaders, fostering an entrepreneurial spirit and establishing internationally competitiveness. We are confident that this alliance with Scotiabank will promote the FinTech industry within the country.”