LAC Digital Innovation 2 (IFC-608954)

Countries
  • Colombia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 6, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Financial Institutions Group
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Fund
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 3.76 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 3.76 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 27, 2026

Disclosed by Bank Aug 3, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the IFC, LAC Digital LAB 2.0 aims to advance digital financial services and innovation across the Latin America and Caribbean (LAC) region by fostering collaboration, enhancing financial inclusion, and driving the adoption of transformative technologies.

The program is structured around three key components: Open Finance, New Disruptive Technologies, and Thought Leadership.

  • Component 1: Open Finance This component focuses on the strategic development of Open Finance ecosystems, enabling financial institutions to adopt innovative business models and reducing barriers for smaller players. By creating an inclusive financial ecosystem, the initiative seeks to empower institutions to compete effectively, drive innovation, and promote financial inclusion. Key activities include the development of an Open Finance Hub to facilitate collaboration among financial institutions, technology providers, regulators, and other stakeholders. The hub aims to provide cost-effective services, secure data-sharing capabilities, and personalized financial products for consumers. Additionally, the program will periodically update its Open Finance offerings to align with evolving market needs and foster collaboration with regulators to shape market-driven policies.
  • Component 2: New Disruptive Technologies This component explores emerging technologies such as blockchain, artificial intelligence, and advanced data analytics to enhance digital financial services. The initiative will develop new program offerings and update existing ones to equip financial institutions with the tools needed for digital transformation. Collaboration with technology providers and industry experts will ensure practical and scalable solutions tailored to regional needs. Furthermore, digital strategies will be integrated into other advisory practices, such as climate finance, financial inclusion, and gender-focused initiatives, to improve efficiency, transparency, and accessibility.
  • Component 3: Thought Leadership This component aims to position IFC as a leading authority in digital financial services by showcasing expertise, publishing high-quality content, and participating in industry events. Through strategic communication and engagement, the initiative seeks to attract potential partners and stakeholders while strengthening IFC’s reputation in the LAC region. Activities include creating promotional materials, leveraging social media, and participating in events to highlight the societal impact and market potential of digital financial services. Cross-Cutting Collaboration Across all components, collaboration with World Bank Group partners and alignment with IFC investment teams will be essential. By coordinating efforts, the program will support financial institutions in delivering impactful and inclusive services to underserved populations, including women, vulnerable groups, and individuals in rural areas. Through these efforts, LAC Digital LAB 2.0 aims to catalyze digital transformation in the financial sector, fostering innovation, inclusion, and sustainable growth across the region.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works