Toronto-based Bank of Nova Scotia announced Thursday that it has partnered with the Monterrey, Mexico–based Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM) to launch the bank’s first fintech accelerator. The accelerator, named Factory A, will be located in Mexico City.
Factory A will choose 10 fintech ventures made up of young entrepreneurs from Latin America, who will have access to prototype labs, legal and public relations services, and mentorship, Scotiabank says in a release.
The ventures will develop solutions in data analytics, alternative scoring, electronic payments, Internet of Things, KYC and cybersecurity.
“We are pleased that the partnership is providing a solid foundation for fintech growth in the region,” said Enrique Zorrilla, CEO, Scotiabank in Mexico, in the release.