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
Instant payment system Pix has overtaken credit and debit cards as the most used means of payment in Brazil.
Brazil's Minister of Finance criticized "stratospheric" revolving credit card interest rates amid a campaign to push through economic reforms.
These numbers consolidate Nubank as the fifth-largest financial company in Brazil by customers.
In addition to acquiring a 3.85% equity stake in the fintech Méliuz, BV will have the option to buy all shares of the controlling block.
With the investment, Portão 3 plans to expand its team and its line of products and services, including corporate credit cards.
More than a year after it would expand to Latam, British neobank Revolut has officially launched in Brazil with its global account product.
Global neobanks have focused on the regional ecosystem as the fintech sector gained decent size and scale in the past few years.
After Pix and Open Finance, the central bank of Brazil is closing in on the launch of Drex, its central bank digital currency.
The payment operation, which has been awaiting regulatory approval for three years, will first focus on small merchants and will be implemented gradually in the South American country.