Report Indicates Apple is Working with Pismo in Brazil

A report this week appears to indicate that Apple (NASDAQ:AAPL) is working with a Fintech in Brazil – perhaps to bring Apple Fintech services to life in the South American country and maybe elsewhere in the region. Braxil has emerged as a hot country for Fintech and the home base of publicly traded Nubank – one of the most successful digital banks in the world.

9to5Mac noted that a recent job posting, now removed, referenced a position at Apple to work with Pismo – once an independent Fintech but acquired by Visa (NYSE: V) for $1 billion in cash. At that time, Visa said they would be working with Pismo to “to provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for clients via cloud-native APIs.” At the same time, it gave Visa a foothold to provide support and connectivity for emerging payment rails in the region.

The software development engineer position was posted for Apple in New York City. The posting explained:

“Multiple positions available in New York, New York with Apple Processing LLC. Apple Processing LLC is a subsidiary of Apple Inc. Design and develop key components on a new platform being created as the foundation for future Apple Pay products. Meet with product teams to discuss and clarify requirements. Develop and document engineering specifications. Develop design proposals and implement agreed-upon solutions. Design and develop software components for distributed systems with [a] focus on security, scalability and availability. Contribute to deployment process to achieve continuous integration and deployment into production. Develop automated tests and frameworks to ensure resilience of the system. Analyze and optimize performance of complex distributed systems. Break down engineering tasks and estimate effort. Lead and mentor other junior engineers.”

While not definitive, it is an example of Apple’s ambitions to build upon its existing Fintech services as well as the potential to partner with Fintechs.

There has been a lot of chatter about who will replace Goldman Sachs as the manager for Apple’s popular Apple Card. There should be no worries here as Apple has always been very methodical in making big decisions and working with partners, and Apple should be revealing a new partner in the US (or acquisition) at some point in 2024.

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