Table 1

Categorization of countries by the influence of the fintech sector on their economies

High influence of the fintech sector (Group 1)Medium influence of the fintech sector (Group 2)Low influence of the fintech sector (Group 3)
ArgentinaBoliviaEl Salvador
BrazilCosta RicaHonduras
ColombiaThe Dominican RepublicJamaica
EcuadorPanamaNicaragua
PeruParaguayVenezuela

Note(s): Data recovered from Finnovating’s report: Fintech Global Vision (2023). The classification of countries is based on the influence of the fintech sector on each economy, measured by the number of active fintech companies

Source(s): Authors’ elaboration
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