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Several companies did experience growth in the market, however, including Apple, Motorola, and several Chinese firms making their mark.

With this new offer, Bogotá area residents and businesses will have access to some of the fastest symmetrical internet speeds in the world, at a sub $100 USD price point.

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

"We have products for the whole Colombian market — so we’re thinking about quite ambitious growth," said Jhon Fredy Giraldo of LG.

"Colombia is always advancing in the use of technology — so we see an important opportunity," says Luis Rico of HP.

"We aim to deliver the best possible technology at a reasonable price, and then honestly we want to then step back and let our customers innovate," says Finbarr Moynihan of MediaTek.

Visa users within Grupo Aval’s Banks: Banco Occidente, Banco de Bogotá, Banco AV Villas, and Banco Popular and have an Android or iOS smartphone will be the first to Access Aval Pay, a new digital wallet in Colombia. The platform was developed using technology by Yellow Pepper,...