Tagged: latam

July 16, 2020 @ 7:47 am By Omar Faridi  |  

JPMorgan Chase, the largest bank in the US and sixth-largest in the world in terms of assets, has reportedly acquired a minority stake in FitBank, a Brazilian Fintech firm. The amount paid by the bank for the part acquisition hasn’t been shared publicly. Established in… Read More

July 9, 2020 @ 11:42 pm By Omar Faridi  |  

Bitso, one of Latin America’s largest digital asset exchanges, has reportedly reached 1 million users before its planned launch in Brazil. Santiago Alvarado, director of international payments at Bitso, recently talked about how cryptocurrencies might help with settling cross-border transactions in Latin America. Alvarado, whose… Read More

July 3, 2020 @ 10:16 am By JD Alois  |  

OKEx, a crypto and derivatives exchange, has partnered with Settle Network. Through Settle Network’s “Latamex” product, OKEx users now can buy Bitcoin (BTC) and Ethereum (ETH) on the exchange with Argentine Pesos (ARS), Brazilian Reals (BRL), and Mexican Pesos (MXN) using direct bank transfers. OKEx… Read More

June 25, 2020 @ 8:40 am By Omar Faridi  |  

Switzerland-based Credit Suisse, a multinational wealth manager, investment bank and financial services firm, has made a deal with modalmais, a Brazilian digital bank. According to the terms of the agreement, the Swiss bank will purchase preferred shares that will be “equivalent to up to 35%”… Read More

June 24, 2020 @ 7:44 am By Omar Faridi  |  

Brazil’s reserve bank has reportedly instructed Mastercard and Visa to suspend processing transactions on behalf of WhatsApp. As reported on June 15, 2020, the Facebook-owned WhatsApp messaging platform began facilitating payments in Brazil. However, the Central Bank of Brazil (BC) has now taken action against… Read More

June 11, 2020 @ 9:02 pm By Omar Faridi  |  

XP Investimentos XP Inc. (Nasdaq: XP), a company offering fixed income, equities, and private pension products, says it’s reevaluating its business plans, following the introduction of new Open Banking guidelines in Brazil. XP will reportedly be acquiring a majority stake in Fintech firm Fliper, an… Read More

June 11, 2020 @ 8:53 pm By Omar Faridi  |  

Companies from the insurance sector continue to develop products and services for tech-savvy younger clients including millennials and Generation Z consumers. Mexican Fintech firm Zenda.la has introduced an insurance product with pricing that adjusts to each individual consumers’ specific requirements and financial status. Zenda recently… Read More

June 11, 2020 @ 3:22 pm By Nathan Lustig  |  

Increasing financial inclusion is a high-priority goal of many countries because it has a widespread positive impact. Studies show that expanding financial inclusion enables seven of the 17 Sustainable Development Goals, with more financial stability leading to improved social conditions, community development, and economic growth…. Read More

June 8, 2020 @ 4:54 pm By Omar Faridi  |  

Carlos Valderrama, managing partner at law firm Legal Paradox, reveals that there are about 640 active Fintech platforms based in Mexico. The trillion-dollar economy has introduced regulations that aim to support its booming Fintech sector. The nation’s authorities are currently reviewing applications from several financial… Read More

June 1, 2020 @ 9:03 am By Omar Faridi  |  

Although Latin America (LatAm) may have introduced Fintech services after they had been established in more advanced economies like the US and in Europe, the region is growing fast because of the launch of several financial technology initiatives. While it may be difficult to accurately… Read More

May 15, 2020 @ 7:20 pm By Omar Faridi  |  

  Colombia-based Fintech firm Minka has secured $3 million in capital through a funding round led by Fintech Collective. Colle Capital Partners, the Collaborative Fund, multinational firm Carvajal Tecnología y Servicios, and Mastercard also took part in Minka’s latest round. The Fintech company said it… Read More

May 14, 2020 @ 4:00 pm By Craig Dempsey  |  

The first case of Covid-19 in Latin America was diagnosed in Brazil at the end of February. Since then, the number of cases has soared into the thousands in at least 20 countries. In response, many countries have implemented strict social distancing policies, requiring businesses… Read More

May 11, 2020 @ 7:59 am By Omar Faridi  |  

A potential $5 million online heist in Brazil had attempted to target Spanish financial giant, Banco Santander, however, it was reportedly stopped after the money was seized from local over-the-counter (OTC) digital currency exchanges. The alleged thieves had tried to convert the stolen money into… Read More

May 7, 2020 @ 7:39 am By Omar Faridi  |  

Estonia-headquartered AskRobin, a Fintech firm that manages a financial services marketplace for underbanked Latin American clients, has secured $1.7 million in capital. AskRobin’s seed round received contributions from several venture capital funds, including BENE Asia Capital, Change Ventures, Lemonade Stand, and Vereeni Early Stage Fund…. Read More

May 4, 2020 @ 12:50 pm By Andrés Abumohor  |  

Small and medium-sized enterprises (SMEs) contribute substantially to the global economy. They now make up 90% of businesses and 50% of employment worldwide. In emerging markets, SMEs are propelling development by introducing new products, processes, and competition. Although it is difficult to gather and track… Read More

May 1, 2020 @ 2:58 pm By Omar Faridi  |  

Uruguay-based dLocal, a Fintech firm focused on facilitating international transactions, has reportedly added Google Pay as one of its local payment options. As mentioned on dLocal’s official website: “dLocal [aims] to close the payments innovation gap that exists between developed countries and emerging economies. We… Read More

April 12, 2020 @ 4:20 pm By Omar Faridi  |  

Venezuela-based digital currency exchange Criptolago has confirmed that it will introduce a text message-based payment platform that can handle transactions in Venezuela’s controversial (allegedly) oil-backed Petro (PTR) cryptocurrency and other major digital assets. The new payment system could potentially help Venezuela’s residents with transacting in … Read More

April 4, 2020 @ 1:41 pm By Omar Faridi  |  

Four of Brazil’s financial regulatory agencies are working cooperatively to create a blockchain or distributed ledger technology (DLT)-enabled data-sharing platform, which will conduct background checks on the nation’s political representatives and private corporations. The platform, called PIER, was reportedly created by the country’s reserve bank,… Read More

March 30, 2020 @ 7:30 am By Andrés Abumohor  |  

Small businesses in emerging economies are notoriously underfinanced. Despite making up over 99.5% of the economy in Latin America, SMEs face a financing gap in the trillions of dollars. For example, up to 78% of small businesses in Argentina and 45% in Peru struggle to… Read More

March 29, 2020 @ 3:38 pm By Omar Faridi  |  

The US Department of Justice (DOJ) is alleging that several Venezuelan leaders and politicians, including President Nicolas Maduro, took advantage of their positions, financial systems, and virtual currencies to conceal and carry out criminal activity for more than two decades. An indictment released on March… Read More