The Brazilian Central Bank has proposed allowing fintech companies to lend money without taking deposits; the bank is set to hold public hearings for the next two and a half months on the proposed rules; according to Central Bank Director Otávio Damaso the rules do not need congressional approval; the Brazilian fintech industry has grown sixfold in the past few years and now the regulators are looking to make the country more fintech friendly; banks will also be able to create their own fintech arms when the new rules take effect. Source
Brazilian fintech Koin announced a partnership with U.S. payments giant Mastercard to advance Buy Now, Pay Later in Latin America over the next five years.
Saque y Pague will seek to strengthen its regional network and install 2,000 of its self-service terminals in the Colombian market.
Founded in 2018, Ali offers payroll loans to the employees of its partner companies to help reduce their debt.
Nomad is expanding its operations and increasing the possibilities for capital allocation to global assets.
Brazil's fintech Nomad took $61 million in a Series-B funding round to expand its portfolio. Tiger Global Management led the investment.
While Brazil's PIX has achieved great success, it is not alone. UPI has thrived in India, ushering millions into the digital economy.
In Buenos Aires, presidents Lula da Silva and Alberto Fernandez said a trade common currency would help reduce dependency on US dollar.
According to Creditas' recently released figures, the company recorded a loss of $26 million, a 60% drop from the same period in 2022.
As digital banking moves forward, Brazil's fintech sector will incur higher cybersecurity spending following greater risks.