Could you share an example of a time when you came up with an innovation that improved how your legal team works and did not come at a large expense?

Visa, as a technology company, fosters innovation as a core value and principle with clients and internally, within its teams. As part of the Latin-American legal team, I contributed to an initiative to streamline and automate a process for our clients (banks) to execute contracts online and buy marketing packages from Visa and access Visa University courses. These processes have helped to reduce the significant amount of time discussing standard agreements with clients.

Recognising the need for more efficient processes, I helped to tackle this challenge and worked with the team to introduce a click-through agreement; instead of scheduling multiple meetings, clients could simply review and click to accept the terms online. We were able to save valuable time for both our legal team and clients.

What are some of the main trends impacting the industry sector you work in Colombia?

Digital Wallets and Mobile Payments have had a significant growth in adoption and use in Colombia and in the region. Only in Colombia, the volume of transactions through wallets increased by 195% between 2020 and 2021. The same exponential growth can be seen in other countries such as Peru, with the use of digital wallets, Yape and Plin. Interoperability among digital wallets is now the focus of regulators such as the Central Bank in Peru.

The increase in government initiatives to regulate and drive financial inclusion and reduce the use of cash is another major trend. The Colombian Central Bank is promoting a real time payment system to facilitate interoperability and with a real time settlement.

There is also a boom of fintech innovation with the rise of fintech startups that seek to serve unbanked segments with innovative solutions adapted to specific needs.

Recently, Colombia proposed one of the first open banking regulations in the region. The government approach was a voluntary framework to allow banks to share customer data securely with authorised third-party providers. Open banking has the potential to enhance payment services and foster competition.

Cryptocurrencies have also gained popularity in Colombia. Almost half of the projects in the regulatory Sandbox involved cryptocurrencies and acceptance of crypto has increased in retail stores and merchants.

All these trends reflect the evolving industry in which Visa develops its business in Colombia.

What is a cause, business-related or otherwise, you are passionate about, and why?

I am passionate about a Visa technology that allows real-time payments and facilitates the use of the card network for remittances in a simple and controlled environment. This technology not only enhances efficiencies in cross-border transactions but also promotes financial inclusion.

Besides my role as head of legal, as part of the leadership team in the region, I also have the privilege of serving as social impact leader for Colombia and Visa’s Latin America and Caribbean women network. This unique position allows me to create meaningful change in our society. By engaging in pro bono work, volunteering, or supporting initiatives that drive social change, I can make tangible difference in people. This past year, I coordinated and participated as speaker in financial inclusion sessions in low-income schools, mentored women in financial programs and organised a reforestation activity in the city.