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Jorge Iglesias

CEO, Topaz

Marcial del Pozo

COO Latam, Cobis Topaz

After its acquisition of Cobiscorp, Topaz has further strengthened its position in the region and offers a complete banking platform to support the digital transformation of the financial system. How […]
After its acquisition of Cobiscorp, Topaz has further strengthened its position in the region and offers a complete banking platform to support the digital transformation of the financial system.
How did you transform Topaz into a global company, and what strategies did you use to grow your client base and employees across different countries?

JORGE IGLESIAS Topaz is a 30-year-old company from Uruguay. I joined the company in 2016, and we started working on a different strategy to turn Topaz into a global company with a presence in various markets with multiple products. As an established company, we have a great deal of knowledge and experience in the financial sector. We have grown significantly since 2016, from 30 Uruguayans working in the company and 47 clients to 1,600 collaborators and 270 clients in 25 countries today. This evolution was possible because of the execution of organic as well inorganic growth strategies, enabling us to enter other markets. From Uruguay, we entered Brazil and Argentina. We invested in more products and changed the culture of the company. We prefer to have our clients think of us as partners. We also made several acquisitions, starting with three companies in Brazil that helped us grow extensively. Brazil is important because the digital transformation taking place in the finance world is incredible, and we have successfully helped many companies in Brazil transform through our technology. We learn, build, and look for companies in Latin America that can provide us with greater visibility, clients, and relevant products to complement our platform. After an acquisition, we conduct an integration process in order to ensure we can instill the same values. That is why our acquisition processes take a long time. Topaz’s major benefit in Latin America is to quickly add more value to our clients.

What are the benefits of the coming together of Cobiscorp and Topaz Group, and how does it position the newly formed company in the Latin American market for financial institutions?

MARCIAL DEL POZO Cobiscorp has made great progress in developing the Spanish-speaking Latin American market of financial institutions in the region; however, like any other corporation, it sought to grow, and we saw a new opportunity and moment of growth in which it was important to strengthen the company’s capabilities. With that leadership position in the region, Cobiscorp joined Topaz Group, which held a strong position in Brazil and other Spanish-speaking countries in Latam. Cobiscorp was in 16 countries in Spanish-speaking Latin America and had a portfolio of more than 75 clients, namely financial institutions. Now, by merging with Topaz Group, our client portfolio has since grown to 270 clients across 25 countries in the Americas, including Brazil. Another important aspect is that the capabilities that we offer the market have also grown. We were previously focused on core banking platforms, which is the central platform that a bank requires to operate. The acquisition performed by Topaz Group has expanded our portfolio of solutions, with the aim of being an ally and strategic partner of any financial institution, because we are now able to support the entire end-to-end process of their business with our solutions with a complete banking platform. Today, all banks are working on the digital transformation of their institutions, and the solutions that Topaz brings completes this entire transformation process, providing channels, security platforms, and platforms for immediate and instant payments. This was also the main driver of this acquisition. With this union, we are consolidating ourselves as the leader in Latin America, including Brazil. However, our goal is to have a greater presence in more regions. Topaz Group is also part of the Stefanini Group, a huge corporation in 44 countries with 35-40 companies in its portfolio and over 32,000 employees. One of those companies is what used to be Cobiscorp, which is now Cobis Topaz.

How has Topaz Group’s experience in Brazil helped Cobis Topaz support the digital transformation of the financial system in Latam?

MdP Ecuador has made noteworthy progress in the digitalization of the financial sector, though in comparison to countries such as Brazil, it still lags further behind. Topaz Group’s experience in Brazil is our other differentiator, since practices, regulatory changes, and digitalization trends that occurred in Brazil are now coming to the entire region. Almost every country’s agenda includes implementing instant payment schemes. Given our experience in Brazil and our technology, we are ready to support this wave of digital transformation of the financial system in Latam.

What are some of the interesting digitalization initiatives for financial inclusion in Ecuador?

JI The digitalization trend that has taken off in Brazil is now coming to Ecuador and Latin America. The pandemic has shown that digitalization is imminent and no longer optional. There are many interesting digitization initiatives for financial inclusion. In Ecuador, there are major social differences, and institutions are focused on building a base to become more digital. Digitalization is the first step to a strong transformation. Financial transactions now go inside the financial sector, so a digital currency will circulate in different ecosystems because it will be self-regulated.

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