Navigating Latin America Market Opportunities for Singapore Tech Companies
SGTech partnered with the Latin American Chamber of Commerce, Singapore (LatAmCham) to host “Navigating Latin America Market Opportunities for Singapore Tech Companies” on 18 Sep 2020. The event invited CrimsonLogic’s CEO, Mr Saw Ken Wye, to give an overview of the Latin America (LATAM) market, and LatAmCham’s Director, Ms Angela Torres, to present on tech sector opportunities in LATAM. The audience was also briefed on the market, culture and opportunities in Mexico, Colombia and Brazil.
With the experience of leading a company that has a global presence in more than 20 countries, Mr Saw gave some tips to businesses that intend to internationalise. He cited that having a reliable local partner is vital, and it is crucial to think about the long term. He reminded companies that doing business overseas is not in the same context as with Singapore; therefore, it is essential to localise business operations as much as possible.
Ms Torres shared that Latin America’s population is highly digital, with more than 82% of the population connected to 4G networks. She highlighted key LATAM sectors that bore opportunities for tech, such as FinTech, EduTech, HealthTech and AgriTech. In particular, FinTech is a sector with high growth potential, especially in Brazil, Mexico, Colombia, Argentina, Chile, Peru, Ecuador, Uruguay and Venezuela.
The presentation was continued by Mr Mario Buenrostro, Partner at Oreico Network Solution, who discussed opportunities in Mexico. Mexico has the 12th largest population in the world, with 45% of its population under 25 years of age. There is a great demand for educational services, triggering the growth of private and public institutions of higher education, as well as the emergence and entry of online and blended education offerings. Telemedicine has also been growing in popularity.
Next, Sempli’s CEO & Co-founder Mr Esteban Velasco shared on the opportunities in Colombia. He highlighted that Columbia is the second-fastest-growing country in LATAM, and has a growing middle class with increasing spending power. He emphasised the bright spots for Columbia such as the Sharing Economy, AgriTech and FinTech.
SunCaged Consulting’s CEO Mr Aydin Ilhan shared on the opportunities in Brazil and pointed out that Brazil has a ready environment for tech solutions. Brazil is highly connected, has a growing middle class representing 70% of total households and has seen an 88% urbanisation rate, which indicates the consumers there will be more receptive to new trends and technology.
The session closed with a panel discussion facilitated by Ms Angela Torres, with Paymentez’s CEO & Co-founder Mr Juan Franco, and Mr Benjamin Lai, Enterprise Singapore Regional Director, Tech in Latin America.
To get the full sharing, you can catch the webinar recording.
You may also wish to download the presentation slides here
Please contact firstname.lastname@example.org about SGTech’s Internationalisation programmes and webinars.
Published Sep 2020