“There is no unique answer to the liaison model, as it depends of each business model by each FinTech and the liaison model defined 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 financial institutions have addressed a three-step process: scouting or search, pilot or validation, and implementation. According to latest figures 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 financial 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 financial institution intends, the cost, the risk, the stage of development of the startup, the implementation time and the cultural, media and commercial impact (see figure 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 specific acceleration programs for the financial 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 define the future of financial services in the region. A TWO-WAY PATH 51