“There is no unique answer to the liaison model, as it depends of each business model by each FinTech and the liaison model deined by each bank: we can prepare pilots or concept tests or even become technology partners in a commercial manner.” J. C. Espinosa, director of Digital Strategy and Innovation of HSBC Mexico Institutional conversation, March 5, 2018 Practically all inancial institutions have addressed a three-step process: scouting or search, pilot or validation, and implementation. According to latest igures from Finnovista published in June 2018, there are more than 1,100 FinTechs present in the region, with annual growth rates of around 50% in the main markets (Finnovista, 2018). Different inancial institutions have created a vehicle or partnership with another organization to identify interesting startups and attract them to work with them. This vehicle can take different forms depending on the level of involvement that the inancial institution intends, the cost, the risk, the stage of development of the startup, the implementation time and the cultural, media and commercial impact (see igure 6). Beyond CVC (corporate venture capital) investments and acquisitions (M&A), the ve- hicles that are being explored the most are startup skills, incubation and acceleration programs, and commercial pilots. Banregio, Gentera, HSBC Mexico and Visa, for example, decided to partner with external partners, such as Startupbootcamp FinTech: an initiative that, with a prov- en coupling model, has deployed speciic acceleration programs for the inancial industry in three different continents in the last four years. In turn, Visa launched, with Finnovista, the Visa Everywhere Initiative for Latin America and the Caribbean, to call on entrepreneurs to explore solutions that solve the challenges of future trade and deine the future of inancial services in the region. A TWO-WAY PATH51