The loan will boost the bank’s ability to increase its lending for low-income housing, women-owned small and medium enterprises, and sustainable agribusiness projects in the country.

The body will try to influence the EU laws for the payments industry.

‘Everyone Deserves Digital’  is being launched "because digital services are no longer a convenience - they’re a health necessity," executive director of the Worldwide Foundation said in a statement.

The joint collaboration aims to create markets, mobilize private sector investment, and support economic recovery in developing countries in the wake of the COVID-19 global crisis.

Digital lenders are seeking guidelines for full digitization and allowing eKYC and eSign mandates.

In a statement, JazzCash owner Veon, said in addition to an opportunity to widen access to digital payments, the partnership would improve financial inclusion during the COVID-19 pandemic.

Queen Letizia joined the Foundation on a videoconference to discuss how COVID-19 is impacting Latin American micro-enterprises and to learn about the measures put in place in the five countries BBVAMF operates.

Fintech startups have been attracting a flood of investments since last year and the pandemic is accelerating the trend as more customers look to pay without contact.

Galileo, like many financial businesses from abroad, sees potential in this country’s market.