- Uruguay’s financial industry holds unlimited potential—but structural obstacles demand urgent decisions
- The fintech sector could contribute up to $1 billion to GDP, create over 5,000 direct jobs, and attract $500 million per year in private investment.
The opportunity is on the table: Uruguay has the right conditions to position itself as a regional center for financial innovation. A well-established tech ecosystem, skilled talent, institutional stability, and a strong software export culture form the foundation for big ambitions.
However, according to the latest report from the Uruguay Fintech Chamber (CUF), prepared by consulting firm Mordezki & Asociados, regulatory reforms are essential to unlock competition, enable new players, and drive structural transformation.
The message is clear: if the country can seize this moment, the fintech sector could contribute up to $1 billion annually to GDP by 2035, create more than 5,000 direct jobs, and attract at least $500 million in private investment per year, according to CUF projections. These are not wishful goals, they stress, but projections based on current sector growth and international benchmarks.
A Growing Industry Ready to Take Off
Today, Uruguay’s fintech industry employs around 1,000 people and contributes about $60 million to the national GDP. Worker productivity stands at roughly $60,000 per year—a figure that could triple if the sector’s growth accelerates.
To achieve this, the report recommends developing a regulatory framework tailored to the fintech ecosystem. This includes tax incentives, specialized education, shared tech infrastructure, and clear rules. CUF’s roadmap emphasizes the need to enable mechanisms like regulatory sandboxes—controlled testing environments for financial startups—and ensure fair access to key infrastructure such as automated clearing house (ACH) systems. Currently, that space is monopolized by a single player, despite existing laws allowing for competition.
CUF representatives noted that the Central Bank of Uruguay has already outlined a sectoral roadmap, but warned that implementation is still pending—particularly when it comes to payment system interoperability, a bottleneck that slows the ecosystem’s cross-cutting development.
Driving Innovation with Social Impact
Beyond the technical and regulatory challenges, there is also a social dimension at stake: democratizing access to financial services, lowering credit entry barriers, and expanding opportunities for traditionally excluded sectors.
This social approach is key: one of CUF’s goals is for over 50% of Uruguayans to use fintech products or services within the next 10 years. That would mean reaching SMEs, freelancers, entrepreneurs, and rural areas where traditional financial institutions do not operate.
What’s Missing for Lift-Off?
The message is strong: Uruguay has the tools to become a regional fintech hub—but it needs bold decisions. The bet must go beyond the size of the domestic market and recognize Uruguay’s potential as a global exporter of financial tech solutions. Cases like dLocal or Prex prove it’s possible—but the goal is for them to stop being the exception.
To achieve this, the country must attract investment, bring in global players, and ensure fair competition. In other words: create an environment where fintechs can grow, test, fail, and scale without disproportionate barriers.
Meanwhile, the conversation about Uruguay’s tech future doesn’t end with fintech. According to Amílcar Perea, president of the Uruguayan Chamber of Information Technologies (CUTI), artificial intelligence also represents a critical opportunity to boost productivity and deepen the country’s digital transformation.
Uruguay already has one foot in the future. But to make that future sustainable, equitable, and innovative, it needs clear rules and strategic decisions.