The Latin American market continues to be a hot spot for expansion, as following a regional hub being set up in Miami, Thunes, a Singapore-based fintech and cross-border payments company, plans to expand into the region. This development follows the company’s recent announcement ramping up its presence in Greater China.
“Thunes is actively expanding into new markets and regions and becoming a truly global player. Given the
exciting opportunities in Latin America and the Caribbean, we are expanding our team and technology to build a robust and inclusive payments infrastructure. Our goal is to become a large payments platform in the region, making interacting with, managing and accepting cashless payments as fast and effortless as possible,” said Aik Boon Tan, Chief Commercial Officer, Thunes.
Thunes recently appointed Jenna Wyer, Senior Vice President for the Americas, who will leverage her experience in the mobile payments and eCommerce space to spearhead Thunes’ growth strategy in Latin America and set up partnerships with leading local digital payment players.
“I’m thrilled to have the opportunity to build new strategic partnerships and drive Thunes’ continued expansion across Latin America’s vibrant markets. Fintech solutions like ours are playing a pivotal role in the development of the region’s economic activities, bringing vast benefits to millions of businesses and consumers,” said Jenna Wyer, SVP for the Americas, Thunes. “The demand for smooth and easy payments is accelerating in Latin America, and Thunes is looking to address this opportunity.”
Two trends drive this growth:
- Online shopping is booming – Latin America saw the world’s fastest-growing retail eCommerce sales growth in 2020, and a rising number of these online purchases are not local.
- Mobile payments are gaining momentum, with smartphones acting as banks for millions of people
in Latin America who do not have access to a traditional bank account. The next three years will see around 100 million additional smartphone connections, taking the total to 532 million by 2025 – an adoption rate of 80 per cent.
Thunes has established regional payout partnerships available in 16 Latin American countries, including Argentina, Brazil, Chile, Colombia, Mexico, and Uruguay. It recently launched partnerships with Brazil’s Bexs Banco to enable real-time businesses and customers inbound payments to Brazil. Thunes Collections capabilities cover 90+ alternative payment options in the region, including Boleto in Brazil, Rapipago in Argentina, and SafetyPay in Colombia. This increased flexibility enables more options for businesses and consumers to make cross-border transactions.