LatAm: Mexico calls on millennials to shake up financial services

Nacional Financiera (Nafin), Mexico’s state development bank, has called on young app designers to put forward their best digital banking innovations for a chance to win the third edition of “Applicando México”.

The competition, designed to encourage financial innovation and recognise young talent, invites 18-35 year olds to develop apps in areas such as personal finances, financial education or SME administration.

RFi Group data suggests that payments would also offer considerable opportunity for digital innovation, as 52% of Mexican consumers would feel very comfortable using a digital-only provider in this area, closely followed by savings.

A cash prize of 150,000 pesos is on offer for the team with the biggest potential for disruption, while the five best projects will also have the chance to attend training in Silicon Valley.

The winning projects will have access to mentoring from international FinTech experts, pitch training, and connections to key players in the FinTech ecosystem.

This year, industry collaborators include Google, Amazon, Mastercard and Fintech AC, as well as a number of banks and universities. Applications are open to individuals and teams from July to the end of August.

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