After Pix and Open Finance, the central bank of Brazil is closing in on the launch of Drex, its central bank digital currency.
While Brazil's PIX has achieved great success, it is not alone. UPI has thrived in India, ushering millions into the digital economy.
Brazil's fintech Nomad took $61 million in a Series-B funding round to expand its portfolio. Tiger Global Management led the investment.
Instant payment system Pix has overtaken credit and debit cards as the most used means of payment in Brazil.
Latam fintech associations made a significant stride last week by publishing a document proposing joint regulations for open finance.
Two years after launching in Brazil, German neobank N26 has decided to leave the country as the fintech drops overseas efforts.
A decline in the number of neobank downloads in Brazil raises concern about saturation. Fintechs pivot profitability as competition heats up.
The IMF said Brazil's Digital Real could reap the benefits of blockchain technology and compete with privately-issued stablecoins.
Despite a challenging scenario for Latin American fintechs, neobanks and digital wallets in Brazil continue to sign up millions of clients.
Digital banks in Brazil are finally making inroads into one of the most competitive and highly profitable credit markets in the world.