Koibanx noted that Blockchain technology would help reduce bank fraud in Latin America. The CEO and founder of Koibanx said that more banks have used Blockchain as an alternative to increase their security. Banco Macro of Argentina, Banco Davivienda of Colombia, Grupo Salinas of Mexico, Banco Cuscatlán in El Salvador, are those who explore Blockchain.
The CEO and founder of the platform that offers Blockchain-as-a-Service (BaaS) services, Koibanx, Leo Elduayen, pointed out that Blockchain technology would help reduce bank fraud. The technology has increased its adoption in the Latin American banking system, according to an analysis.
Elduayen said that Blockchain has caused more banks to use the technology as an alternative to increasing their security in handling customer data. In Latin America, financial institutions use Blockchain to innovate in security.
Koibanx: Latin American Banks Explore Blockchain Technology
Last December, Koibanx launched a low-code beta version that will allow developers to design financial products based on Blockchain technology without necessarily having to be programming experts. The low code would be used by companies, organizations, and financial companies, that developed tokenizable functions.
On this occasion, the CEO and founder of Koibanx, Leo Elduayen, stated the following to Reseller:
“The Blockchain also enhances the traditional banking core and speeds up international transfers by making them directly, that is, without intermediaries. This greatly reduces costs, automates financial reconciliations, and even allows controlling the use of subsidies by specifying in which businesses they can be used.”
The CEO of Koibanx explained that Blockchain technology is being used or explored by the most important banks in the region, who are carrying out projects in this regard. Among the banks are: Banco Macro of Argentina, Banco Davivienda of Colombia, Grupo Salinas of Mexico, Banco Cuscatlán in El Salvador, among others.
Koibanx tweeted the following on July 24:
“Our CEO, @leoelduayen , commented on @CIOMexico [that] we are seeing in the region this leap in innovation that banks want to make since they find many advantages in taking part of their transactional processes to Blockchain or Web3.”
Last year, Koibanx was one of the pioneers in joining salary payments with cryptocurrencies in Colombia. At the time it was reported that for the company, “everything was born from the interest of the company.” And he continued: “The interest arose from promoting the use of cryptocurrencies in everyday life.”
Blockchain is an Innovation Alternative for Latino Banks, According to Koibanx
Regarding the inclusion of Blockchain in the financial system, Leo Elduayen gave the following opinion to Reseller:
“In Latin America, this leap in innovation by banks is due to the fact that they find many advantages in taking part of their transactional processes to Blockchain protocols. We understand this need that they bring us and we see excellent results in the implementations that we carry out.”
In 2022 Koibanx and Algorand led the Green Awards, in which they gained visibility and created networks among the best 500 social and environmental projects in Iberian America. In a festival, they sought to boost the green economy by exhibiting regional initiatives in eight categories aligned with the Sustainable Development Goals (SDGs).
By Audy Castaneda