Scotiabank launches its first business accelerator in Mexico

Scotiabank and the Tecnológico de Monterrey announced the launch of Factory A in Mexico City: the Bank's first business accelerator.

Factory A in Mexico City
Factory A in Mexico City

"Factory A will bring together the entrepreneurial and technological focus of Tecnológico de Monterrey with the digital and banking experience of Scotiabank," said Enrique Zorrilla, CEO of Scotiabank in Mexico. "We are pleased that the partnership provides a solid foundation for the growth of FinTech companies in the region."

Factory A will select 10 FinTech ventures driven by young people from Latin America and integrate them into the ecosystem of collaborative work for entrepreneurs (Entrepreneur Coworking Ecosystem) of the program. They will participate in prototype laboratories and receive legal advice, public relations support and mentoring from the leaders of the Bank and Tec de Monterrey. The program will explore various tools and techniques to support innovations and face challenges related to technology such as analytics, alternative rating, electronic payments, the Internet of Things, Know Your Customer (KYC) and cybersecurity in the digital ecosystem.

"This partnership with Tecnológico de Monterrey is natural for Scotiabank since both institutions value entrepreneurship and innovation," said Ignacio (Nacho) Deschamps, Group Director, International Banking and Digital Transformation at Scotiabank. "Partnering with academic institutions gives the Bank access to innovative research conducted by some of the brightest minds in the country."

"The development of entrepreneurial models and networks is key to achieving our goal of educating leaders, fostering an entrepreneurial spirit and being competitive in the international arena. We are confident that this alliance with Scotiabank will promote the industry of FinTech companies in the country, "said Isaac Lucatero, Regional Director of the Eugenio Garza Lagüera Entrepreneurship Institute, Tecnológico de Monterrey.

Entrepreneurs interested in Factory A can apply here: www.factorya.mx

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