Business Latin America

  Betsson Group opens new Latin America Operations Center in Bogota "With this opening, Betsson continues with its purpose of achieving a geographically diversified growth, where the Latin American markets have become one of the main sources of income," the company noted. Source: YOGONET On November 22, sports betting and online casino operator Betsson Group inaugurated its operations center for Latin America in the city of Bogota, Colombia. Media and private and public sector entities, including Fecoljuegos (Colombian Federation of Gaming Businessmen), attended the event. "Latin America is a special region for us, so I am especially happy about the opening of this new operations center in Bogota. I am confident that, thanks to the talent present in the company, we will continue our progressive growth in the region and contribute to the development of an industry based on responsible entertainment," said Jesper Svenson, CEO of Betsson Group. In the third q

  JPMorgan to expand Private-Banking Team in Latin America by 25% The additions would add roughly 100 people to the US firm’s private-banking ranks serving the region from foreign offices in Miami, New York, Houston and Geneva, outposts where it has about 430 employees dedicated to the business. Source: American Banker JPMorgan Chase & Co. is planning to increase headcount in its Latin American private-banking unit by about 25% next year as the firm looks to attract more clients with $5 million to $25 million to invest at the bank. “We have been hiring very aggressively in this segment and will keep doing so,” Edinardo Figueiredo, chief executive officer for JPMorgan’s private-banking business in Latin America, said in an interview. “There’s still a lot to gain.” JPMorgan, already the biggest private bank serving Latin American clients, is gaining market share as political uncertainty persuades many clients to diversify abroad, according to Figueiredo. JPMorgan manages

  Boeing Forecasts Latin America and Caribbean Region to Need 2,240 New Planes by 2041 With Latin American air travel outpacing the industry’s global recovery, Boeing has forecast the region’s commercial fleet to grow by more than 85% over the next 20 years, fueled by the strength of domestic and intra-regional travel. In total, the Latin American and Caribbean region will need 2,240 new airplanes by 2041, according to Boeing’s 2022 Commercial Market Outlook (CMO). Source: Travel News Asia The annual projection for commercial airplanes and services, forecasts that more than 2,000 single-aisle deliveries will more than double the current fleet to serve popular leisure routes between North America, Mexico and Caribbean, while also expanding intra-regional networks. As the fleet grows, demand for commercial aviation services will grow as well, reaching $165 billion in value over the forecast period. “Latin America has seen a strong recovery in air travel, particularly in domesti

  FreeYond disrupts the Latin American smartphone market with the F9 and M5 With the launch of the FreeYond F9, and the upcoming release of the FreeYond M5, FreeYond is entering the Latin American market as a challenger to the status quo. FreeYond brings the most cost-effective smartphone models yet to Latin America’s market with specs that match or surpass similar higher-priced offerings from other brands. New smartphone models: the most cost-effective at their respective price points  Source: Asia One Recently launched in October, the FreeYond F9 brings next-level value to the ~$100 price point, in a stylish package. The phone features a real dual camera, and the integrated design between the lens module and body achieves a striking visual unity often only seen in flagship smartphone models.   The phone’s specifications include: Dual camera (13MP main camera + 2MP macro camera) Up to 128GB memory 800M front camera (rare for smartphones at this price point) 5000mAh batte

  Tienda Pago Raises $12M to Keep Helping Small Convenience Stores in Peru and Mexico The Women's World Banking Asset Management and IDC Ventures lead a Series B round of financing to promote financial inclusion in Peru and Mexico. Three out of four stores can't afford the stock they need for their clients, and only half of the stores have access to enough credit. Source: PR Newswire Tienda Pago, the leading short-term credits lender based in Peru and Mexico, has announced closing a Series B investment led by the Women's World Banking Asset Management and IDC Ventures for $12 million. Tienda Pago's innovative partnerships, technology, and process have attracted impact investors and traditional VCs. Women's World Banking Asset Management and IDC Ventures led this Series B round of investment in which Alumni Fund contributed as a new investor. Current investors Kaszek, QED, Agrega Partners, Accion Venture Labs, and Oiko Credit also participated in this round.

  International Holding Company (IHC)  steps into Latin America with US$200 million investment in Lulo Colombia S.A . Colombia is the fourth global market IHC steps into in 10 months. The investment represents 49.9% of Lulo Bank's ownership. Lulo bank is the first fully digitalised bank in Colombia. Source: SAWYA Abu Dhabi, UAE: International Holding Company PJSC (ADX: IHC), the diversified Abu Dhabi-based conglomerate, has announced today a capital investment of  AED 734 million (USD 200 million) in Lulo Colombia S.A., which is also the holding company of Colombia’s first regulated digital bank, Lulo Bank S.A. (“Bank”), through one of IHC’s subsidiaries. Lulo Bank is a fast-growing and new player that enters the field of neobanks in the Colombian market and plans to expand into other Latin American markets. The Bank was founded by Jaime Gilinski, a Colombian businessman with over 45 years of banking experience in Latin America, North America, and Europe. Commenting on th

  Emergent Cold Latin America will acquire the storage operations of Frigorífico Modelo Emergent Cold Latin America (Emergent Cold LatAm or the Company), the fastest growing provider of cold storage and logistics services in Latin America, today announced the signing of a definitive agreement to acquire the cold storage operations of Frigorífico Modelo ( Frimosa), a leading agribusiness and logistics company based in Montevideo, Uruguay. This transaction is subject to customary closing conditions, including approval at an Extraordinary General Meeting of Frimosa shareholders, with closing expected in December 2022. Source: Business Wire The acquisition will expand the Company's presence in Uruguay and add Paraguay to the growing regional network As part of the proposed transaction, Emergent Cold LatAm will acquire Frimosa's main West Pole facility, consisting of a 22,000-pallet position cold storage facility, a separate bonded warehouse and substantial land for expansion. In ad

  ENGIE closes agreement with VESTAS to implement largest wind project in Latin America The firm order includes the initial supply, installation, operation and maintenance of 120 V150 – 4.5 MW turbines for the 540 MW first phase of Serra de Assuruá. In addition to phase 1, the contract includes the option for ENGIE to purchase another 68 units by the end of 2022 for phase two of the wind park. Vestas will also deliver a 25 year active output management 5000 (AOM 5000) service agreement. This agreement will optimise energy production while also providing long-term business case certainty. Source: Energy Global Engie Brasil Energia SA has signed an agreement with Vestas for the Serra de Assuruá wind park in the state of Bahia, in the municipality of Gentio do Ouro, Brazil. The project has a total nameplate capacity of 846 MW once fully installed, making it the largest wind project in Latin America. The firm order includes the initial supply, installation, operation and maintenanc

Intetics Targets Growth in Latin America through Its New Delivery Center in Bogotá City, Colombia Intetics Inc., a global technology company providing custom software development officially announces the opening of the Delivery Center in Bogotá, Colombia.  Source: Intetics The New Intetics’ Tech Hub in Latin America, One of the Best Regions to Source Software Development Teamd It is the fourth company’s opening in new countries for 2022, after expanding its footprint in Eastern Europe with the Moldovan office and two locations in the Caucasus — Georgia, and Armenia. And today, it announced the first location in Latin America, the fastest-growing software outsourcing destination due to its talented bilingual engineers, tax benefits, and cost-effective rates. The physical presence in Colombia helps to enhance Remote In-Sourcing®, a proprietary business model for building expert development teams for software engineering and data processing projects. In recent years, more and more compani

  In Latin America Nubank Gains 70 Million Customers In Brazil, Nubank continues to grow on other business fronts, such as investments, where it already has more than 6 million active customers, with emphasis on its fund management arm, Nu Asset Management. Source: EFT TRENDS Nubank is seeing meteoric growth and is continuing to expand. The São Paulo-based digital bank has garnered 70 million customers in Latin America, making it the fifth-largest financial institution in Brazil in terms of number of customers. This includes 66.4 million users in the Brazilian operation, 3.2 million in Mexico, and more than 400,000 in Colombia. “Our accelerated growth is driven by an ongoing search for efficiency, which balances expansion, new products, and increased revenue per customer,” said Nubank founder and CEO David Vélez in an announcement from the company. The company is looking to expand beyond its core credit card and digital account business, with the aim of offering a complete su

  Hyatt Hotels will expand its presence in Latin America and the Caribbean Highlighted openings include the first Park Hyatt hotel in Mexico in 2024 (Park Hyatt Los Cabos and Residences) and the first Andaz hotel in Mexico City (Andaz Mexico City Condesa) this autumn. The expansion will be focused on the group’s luxury, lifestyle and resort brands, owing to the leisure travel demand. Source: Business Traveller Highlighted openings include the first Park Hyatt hotel in Mexico in 2024 (Park Hyatt Los Cabos and Residences) and the first Andaz hotel in Mexico City (Andaz Mexico City Condesa) this autumn. Camilo Bolanos, senior vice president of development, Latin America and the Caribbean, Hyatt, commented: “Latin America and the Caribbean are top leisure destinations for global travelers, and we continue to grow Hyatt’s brand presence in this important region to offer unique experiences to high-end travelers in new markets and sought-after destinations. “These exciting new hot

  Ericsson helps Nestlé deploy first private 5G network in Latin America In Latin America, the emergence of IoT and edge computing has made 5G adoption an imperative in almost every facet of new technology. With this emergence comes the need for higher data processing speed, more network reliability, ultra-low latency and huge network capacity. All these requirements are mostly driven by edge computing and 5G networks. Source. Tech Republic Ericsson’s latest 5G deployment at Nestle may be laying a foundation for the rapid growth of industry 4.0 across Latin America. The Latin America edge computing market is expected to reach $440 million by 2023, with an expected CAGR growth of 31.1 percent. A recent GSMA Intelligence consumer survey forecasts the growing demand for 5G networks in Latin America. The survey points out that the 5G market in Latin America is heating up and consumers are willing to pay extra for their 5G mobile subscription compared with what they pay for their cu

  Liberty Company Insurance Brokers partners with Costa Rica firm Perfect Circle Founded in 2008 and led by partner Pablo Cardona Vaselli, Perfect Circle provides insurance and financial solutions for high-net-worth individuals, primarily in Latin America and the Caribbean. It offers service in an array of areas including personal lines, investment plans, investment portfolios and legal structure. Source: Insurance Brokers Magazine The Liberty Company Insurance Brokers has announced a partnership with insurance provider Perfect Circle in San Jose, Costa Rica. This marks Liberty’s first international partnership. “With Liberty, our circle of protection will expand its network, walking alongside and hand-in-hand with human values and a vision that resonates with our frequency of awareness that is not only compatible, but also comes to enhance our reach and vibration at an international level,” Cardona said. The Liberty Company is one of America’s fastest-growing privately held

  Miami International Airport after JetBlue Latin America routes Miami-Dade is trying to lure expanding JetBlue airline to add links between Puerto Rico and other Caribbean and Latin American destinations and Miami International Airport. Source: Miami Today News Although JetBlue serves more than 30 destinations from Miami International, its route map doesn’t include Puerto Rico or other Latin American or Caribbean destinations. In the region, JetBlue’s website lists routes from MIA only to Los Cabos, Mexico, and Bermuda. JetBlue’s service from South Florida to Puerto Rico and other Latin American or Caribbean destinations is from Fort Lauderdale-Hollywood International Airport. JetBlue’s website lists 43 routes to the region from the Broward airport, including tourist destinations such as San Juan, Puerto Rico; Cancun, Mexico; Punta Cana, Dominican Republic; Bogota and Cartagena, Colombia; Guayaquil and Quito, Ecuador; and Aruba. “Not only is this lack of service potentiall

  Latin America and the Caribbean in plans of Sonesta These developments are expected to provide Sonesta with the infrastructure to expand beyond its Sonesta Hotels & Resorts and Sonesta Posadas del Inca brands and introduce seven new brands—Sonesta Select, Sonesta ES Suites, Sonesta Simply Suites, The Royal Sonesta, The James, Red Lion Hotel/Red Lion Inn & Suites and Signature Inn—to the markets. Source: Hotel Business Sonesta International Hotels Corporation has revealed several key developments to support future expansion in Latin America and the Caribbean, including the renewal of its ongoing master franchise relationship with GHL Hoteles and the hiring of three lodging development leaders with extensive hospitality experience in these regions. “The demand we are seeing in Mexico, the Caribbean and Central and South America encourages us to expand Sonesta’s footprint across these key markets,” said Brian Quinn, chief development officer, Sonesta. “We look to build u

  Western Union Expands its Digital Wallet to Latin America DENVER--(BUSINESS WIRE)--Following a successful introduction of its digital banking offering in Europe in February 2022, Western Union (NYSE: WU) is gearing up to launch in Latin America. The Company announced the acquisition of Te Enviei, a Brazil-based digital wallet that will accelerate the time to market of Western Union’s financial ecosystem offerings in Brazil. Source: Business Wire New Acquisition Expected to Accelerate Market Launch, with Brazil Anticipated to be Live in First Half of 2023 “Brazil is a strategically important market where we already hold a banking license, and it is a highly digitized banking market. Additionally, our internal research indicates that many Brazilians are looking for financial products that can address their needs in a global economy” As part of its renewed purpose-driven strategy, Western Union is expanding its value proposition to customers by offering a broader set of digital

  Google invests in embedded lending fintech R2 from Latin America Latin American embedded lending fintech R2 has raised US$15mn in a Series A funding round led by Google’s AI-focused venture fund, Gradient Ventures, just seven months after completing a seed round. Source: Fintech Magazine R2, an embedded lending fintech from Latin America, has received US$15mn of Series A investment led by the AI-focused venture fund of search giant Google. The Mexico City-based startup offers a white-label solution that allows brands to easily embed lending experiences into their digital platforms using R2’s APIs. Over the past year, the fintech has partnered with some of the region’s largest technology platforms, financed over 3,000 small businesses and grown monthly revenue by a factor of more than 20. The fintech plans to use the latest capital raise to expand its workforce, recruiting for roles within engineering, product development, data and risk, finance and compliance, and new business. The S