The overhaul of the tax system will likely translate into increased growth. Meanwhile, financial institutions will have to readjust to the new regulation which imposes a cap on interest rates for revolving credit card operations.
Compared to Brazil, banks in Europe or the US have lost the payments game.
Total assets for the country’s financial co-operative sector reported 28.6% growth last year.
While China and Brazil have set up infrastructure for renminbi clearing, Argentina repaid an IMF loan in yuan.
The state-owned bank saw a 70% surge in pre-tax profits in 2022. More generally, Brazilian banks have benefited from a strong export performance and rising interest rates.
Five Latin American countries are taking steps in the realm of open banking.
The central bank in Brazil is preparing to launch a digital currency at the end of 2024.
The alliance insists the move is of great ecological benefit, but historically banks have not held the agribusinesses they finance to proper account. A legislative response rather than individual efforts seems necessary.
As instant payments, cross-border improvements, and open banking and open finance develop around the world, Brazil is steadily growing as a fintech hub and learning lessons from other jurisdictions along the way.
The Brazilian instant payment method, launched almost two years ago, was quickly adopted for a number of reasons. What next for the payments system?
Brazil’s economy has performed better than expected in the first few months of the year. However, it faces strong headwinds with regards inflation and political uncertainty.
The strength of Brazil’s banks indicates that they will be able to stay the course as they navigate regulatory reforms and the emergence of new competitors.
The scope of Brazilian open finance is broader than other markets, according to Itaú Unibanco's group head of investor relations and marketing intelligence.
BTG Pactual showed good profitability, as Brazil dealt with its worst year in decades
Covid-19 has dampened investment into Latin America’s largest country, but the fintech space has remained buoyant.
Demand for more flexible borrowing terms is putting pressure on international and local banks to be more accommodating in order to remain competitive.
As the country grapples with a soaring death toll, emergency measures have tackled credit scarcity in different ways.
Lenders have an important role to play in preserving the world’s largest rainforest.
By committing to the principles of ESG, not just saying the letters out loud, banks stand to gain from pulling out of the rainforest.
Pandemic has thrown up unique challenges, admits Santander's executive chair Ana Botín.