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The event, which brings together the main stakeholders in the ICT industry in one place, generates business opportunities through high-level commercial and networking activities.

Despite the drop — from 57th in 2017 to 60th this year — Colombia's overall score in the Global Competitiveness Report actually increasing by 0.1 points to 61.6.

The technology tool allows policyholders to interface with company staff through video calls on WhatsApp to streamline their claims.

Facebook says it chose Colombia to start due to the fact that its population is tech-savvy and highly social.

Among the projects underway is the development of methods to pay for flights through mobile platforms such as WhatsApp.

"Some of the most sophisticated application development work we are doing, we are doing right here in Bogotá," says Peter Altabef of Unisys.

Scotiabank has set up "digital factories" in five of its priority markets, including Colombia, Canada, Mexico, Chile, and Peru.