such as credits and paid accounts, to serve its huge base of newly acquired clients, many of whom are unbanked. Talking about progress within the unbanked, we have the incredible example of Caixa Economica Federal, which was used by the Brazilian government to distribute emergency aid and managed to open 109 million digital accounts through its Caixa Tem application, representing 7 out of 10 adults in Brazil. Thus, a large part of the population that may have
never used the smartphone to carry out financial transactions has come into contact with a new world of possibilities, something that will undoubtedly increase their propensity to use local fintech services or even other digital solutions offered by banks. Further digitalization of the market and the expansion of financial inclusion should also be facilitated by the advancement of instant payment solutions, such as CoDi in Mexico and Pix in Brazil, which reduce the costs of accepting payments from tenants (which still represents a barrier to use, especially in Mexico) and the costs of transfers between people. Even with the pandemic, open banking is still under construction in these countries, taking the financial market to other levels in terms of financial data used to customize solutions for audiences of different social classes, in addition to expanding the competition market between players that operate in the provision of financial services. We can easily say that 2020 is a major turning point for Latin America, helping to strengthen the foundations of a fintech revolution that has already demonstrated its anti-fragility in the face of one of the largest crises ever seen. The challenges that still lie ahead in the region are great and will not be resolved overnight, however, with all these movements that we have witnessed in recent history, we can expect to advance more in the next 5 years than in the past 20 years from a financial point of view.
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