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No Open Banking

Spanning both the southern part of North America and the northern part of South America, Panama is transcontinental.

According to Kepios, 74% of Panamanians had access to the Internet in 2023.

Initial steps towards a regulatory-driven FinTech environment began in 2018 with the Fintech Law Project (which was not approved), then in 2021 (Crypto Law, still under discussion) and in 2022 (Digital Payments). There is no news yet about Open Banking/Finance specific regulations.

According to The Global Findex Database, 45% of Panamanian adults had bank accounts in 2021, leaving 55% unbanked. 

According to Statista, there were around 2 million digital payment users and 60,000 customers of personal financial services in Panama. 

The Government of Panama has announced that it will take a strategic approach to digitisation. The goal is to promote inclusive economic growth, drive recovery and help society drive again.

According to Tracxn, there are 116 Fintech in Panama.

In Wiley’s Digital Skills Gap Index 2021, Panama ranked 4th in the percentage of female STEM graduates with 48%.