The country’s capital was included in the Global Index of Financial Centers, a biannual ranking that is considered one of the main references for public policy decision-makers and investors.
Bogota is part of a group of 13 Latin American and Caribbean cities included in the ranking, which measures aspects such as business environment, human capital, infrastructure, reputation and development of the financial sector.
For four years, the Bogota Chamber of Commerce (CCB) has been leading the development of the Bogota Region Financial Services Cluster Initiative, a joint effort with more than a hundred public and private stakeholders from the financial ecosystem of the city and the country, who set the goal of positioning Bogota as the main International Financial Center (IFC) of the Andean region, Central America and the Caribbean by 2026.
This long-term vision has allowed the Cluster initiative, together with 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 and a platform for attracting, retaining and strengthening the specialized human talent required today in the dynamics of innovation and trends in the global financial industry.
As a result of this city strategy, Bogota was included in the Global Financial Centers 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.
Juan Carlos González, Vice President of Competitiveness of the CCB, said that “entering the ranking of the main International Financial Centers is a recognition of the joint work of entrepreneurs, businessmen and other actors of the ecosystem, articulated in the Cluster initiative, which shows the growing connectivity of our financial system with other cities noted for their innovative financial products and services, in addition to highlighting the specialization and diversification of the portfolio of products and services to respond to the different needs of the market niches served”.
He invited all players in this industry to the 5th Expanded Council of the Cluster Initiative to be held on November 19 at 8:30 a.m., where this information will be expanded and the progress and projection of the Cluster will be shared in order to continue working collaboratively to position Bogota as one of the main financial centers in Latin America. This will be an opportunity to expand on this information and share the progress and projection of the Cluster to continue working collaboratively to position Bogota as one of the main financial centers in Latin America.
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.
Precisely, the percentage of economic participation of Bogota over the total national sector is 50% according to DANE figures as of the first half of 2021. Likewise, the percentage of companies in the sector located in Bogota corresponds to 69%, and 54% of the transactions that take place in the country, take place in the capital, according to data from the Financial Superintendence at the end of 2020.
“Undoubtedly, the presence of Bogota in this index is proof that today we are one of the most important capitals for doing business in the region and we are on the radar of major investors. Even in the midst of the pandemic, investments continue to arrive in sectors such as BPO, financial services and Fintech. This is how we continue on our path to consolidate our position as the capital of entrepreneurship in Latin America,” said Carolina Durán, Secretary of Economic Development.
This strategy has been promoted by the CCB, together with the Mayor’s Office of Bogota and Invest in Bogota and more than 300 actors in the sector, representatives of local and international companies and organizations, who filled out a survey to promote Bogota’s position in this ranking, which is led by the cities of New York, London and Hong Kong.
“Bogota is constantly working to strengthen its value proposition and to let more companies know why this is the star city in Latin America in terms of investment. Being part of the Global Index of Financial Centers will give us more tools to position the city and attract projects that contribute to the economic and social development of the capital,” added María Isabella Muñoz, executive director of Invest in Bogota.
In addition, the strategic agenda of the Cluster Initiative 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, in a special way, has made our city and region visible as the third Fintech Hub in Latin America, below Sao Paulo and Mexico City.
Precisely, 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 a competitive environment for Fintech companies.
The different actors that are part of the financial services ecosystem of Bogota Region celebrate this collective achievement of our city and invite all stakeholders to contribute to the work agenda to continue climbing our city in this ranking through concrete actions and projects associated with each of the factors analyzed, which detail the main gaps that the financial sector must leverage on issues of innovation, human talent and regulatory development.
