During the past 4 years, different public and private actors of the financial ecosystem of the capital city of Colombia, including the Bogota’s Chamber of Commerce, the Mayor’s Office of Bogota, Invest in Bogota, have set the goal of positioning the city as the main International Financial Center (IFC) of the Andean region, Central America, and the Caribbean by 2026.
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This long-term vision has allowed multiple stakeholders and allies to execute a strategic agenda of actions and collaborative projects on strategic pillars defined to achieve objectives such as innovation, human talent, financial inclusion, and education, positioning, and regulations; to boost the economic development of the city and region to position Bogota as a focus for attracting foreign investment.
As a result of this city strategy, Bogota was included in the Global Financial Centres Index, an international ranking that includes 166 financial centers and is considered one of the main references for public policy decision-makers and global investors.
Bogota’s participation in this index, in which the capital is ranked 103rd, is based on strengths such as the percentage of financial sector companies operating in the country that have Bogota as their headquarters, the percentage of financial transactions carried out in the city, or the number of new foreign investment and expansion projects related to financial services that come to the capital.
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The percentage of economic participation of Bogota over the total national sector is 50% as of the first half of 2021. Likewise, the percentage of companies in the sector located in Bogota corresponds to 69%, while 54% of the transactions made in the country, take place in the capital.
In addition, the strategic agenda of the city has focused its resources and efforts on promoting and developing innovative companies, processes, products, and services supported by new technologies to meet the needs of local, national, and international clients and. Those actions have contributed to positioning the city as the third Fintech Hub in Latin America, below Sao Paulo and Mexico City.
Bogota is also highlighted in the Fintech ranking of the Global Financial Hub Index, in which the city ranks 86th out of 106 destinations analyzed. This segment of the index highlights the most important elements to generate a1 competitive environment for Fintech companies.
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