Scotiabank and The Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM), commonly referred to as Tec de Monterrey, today announced the launch of Factory A in Mexico City, the bank's first accelerator.
"Factory A will unite the entrepreneurial and innovative focus of Tecnológico de Monterrey with Scotiabank's digital and banking experience", said Enrique Zorrilla, CEO, Scotiabank in Mexico, "We are pleased that the partnership is providing a solid foundation for FinTech growth in the region."
Factory A will select 10 FinTech ventures made up of young entrepreneurs from Latin America to join the program's Entrepreneur Coworking ecosystem. They 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.
"The partnership with Tecnológico de Monterrey is a natural fit for Scotiabank as we both value entrepreneurship and innovation," said Ignacio (Nacho) Deschamps, Group Head, International Banking and Digital Transformation at Scotiabank. "Partnering with academic institutions gives Scotiabank access to innovative research conducted by some of the brightest minds in the country."
"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," said Isaac Lucatero, Regional Director of the Entrepreneurship Institute Eugenio Garza Lagüera, Tecnológico de Monterrey.