The deal enables Banesco USA to leverage the Plug and Play platform to explore partnerships with the aim of further innovating its consumer and commercial offerings as well as its customer experience. “This partnership allows us to establish meaningful engagements with the best technology companies connected to the Plug and Play ecosystem, providing added fuel to our innovation, growth and modernization strategies,” said Banesco USA CEO, Jorge Salas.
“Due to South Florida being the headquarters of Banesco USA and considering its proximity to Latin America, this partnership will also provide a gateway for our startups to enter the LATAM market,” said Saeed Amidi, CEO for Plug and Play. “We are excited for them to join our global fintech ecosystem and look forward to connecting them to our startups.”
By Jake Martin, Bank Innovation
Working with $11.9 million from its shareholders to continue growing and investing in technology this year, Banesco USA entered into an agreement recently with Silicon Valley-based accelerator Plug and Play Fintech. The Coral Gables, Fla.-based bank may be a community bank, but it’s thinking big when it comes to digital transformation. President and CEO Jorge Salas said the bank can do no less, considering the changes in how people consume financial services and what they expect from financial institutions.
“We believe we have to focus our energy on choosing the right partners and making sure that the frame of mind and the culture is one where everyone realizes that this roller-coaster that has been going uphill for 200 years is about to do some twists and turns.” he told Bank Innovation. “We have to be prepared for it and take good care of our clients, focusing basically on good advisory and not so much on the technology.”