Formerly renowned for its maquiladoras, low-cost assembly facilities, and affordable exports, Mexico is currently regarded as having the most promising tech scene in Latin America as a result of technological investments.
As one of the greatest economies in the world, Mexico is predicted by financial experts to enter the top 10 in the next few years. Indeed, by 2050, Goldman Sachs predicts that Mexico’s economy will rank as the world’s fifth most prominent.
Mexico is making good progress toward achieving its goal of becoming a major world power, and here are the 3 facts that make the tech scene in Mexico a promising paradise:
1. Mexico’s Tech Hubs
Mexico was the first nation in Latin America to enact legislation governing the fintech industry. Meaning a law that prevents money laundering and corruption was enacted. Also, the law dispels misconceptions about cryptocurrency and crowdfunding technology. Now, because of the significant yearly expenditures made in the technology sector, Guadalajara, Monterrey, and Mexico City now have stronger tech ecosystems than the rest of the country.
There are now 238 new fintech companies operating in Mexico, a 50% increase from 2016. With this statistic, Mexico surpasses Brazil, which typically dominates Latin America’s IT industry. Mexican fintech has advanced due to a number of variables, including the country’s expanding economy, low banking penetration, and an undeveloped lending system.
2. Mexico’s Tech Talent
It is no secret that engineers graduate at a higher rate in Mexico than in the US.
Mexico’s top institutions are working hard to provide the skills the country needs to grow its digital sector. Indeed, three million individuals are enrolled in school in a nation where more than 33% of the population is under 25. And more than 160,000 new specialists in computer science graduate from universities in Mexico each year.
Mexico is making great progress toward achieving its goal of becoming a major world power and dominating most of Latin America’s digital sector in the next few years thanks to a youthful, particularly related mass that is migrating to the middle class.
3. Mexico as a Start-up Accelerator
Successful businesses are being produced through accelerators in Mexico. The 500 Startups: Latam initiative offers investment and mentoring to Latin American startups, so they expand their companies across a range of sectors. So far, startups that have completed the accelerated program have earned more than $300 million in capital. Additionally, there are now 45 active funds, and the number of companies is rapidly increasing. Over the next ten years, Mexico’s IT economy will surely be one to watch.
In conclusion, one of Latin America’s burgeoning digital powerhouses is Mexico. More multinational businesses seek south of the border every year to accomplish their business objectives thanks to the elements that make up Mexico’s tech sector, which combine to form the ideal balance.
ITJ is devoted to serving fast-growing and high-value market sectors, particularly the Internet of Medical Things (IoMT), working with innovative medical device companies looking to improve people’s lives. With a unique BOT (build, operate, and transfer) model that sources only the best digital talent available, ITJ enables companies in the US to create technology centers of excellence in Mexico. For more information, visit www.itj.com.