8 May, 2020
Digital banking and fintech news wrap: Open Banking advances in Brazil, Ualá and Mercado Libre take off, Google and Gates promote digital payments

Top News: Key LatAm digital banking and fintech stories this week

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By Fabiola Seminario

 

Open banking in Brazil: New regulations move ahead

Regulations for open banking in Brazil are moving ahead and will begin phase-in later this year, regulators said this week. The four-stage roll-out should cover the whole financial system by October next year.

Mercado Libre México increases revenues by 81% during COVID-19

Mercado Libre is a clear winner from stay-at-home rules, with revenues spiking in the first quarter of the year. Some 13 purchases are made on the Mercado Libre platform in Mexico, every second, the company says.

Google, Gates Foundation and Omidyar join forces on digital payments

Google, the Gates Foundation, the Omydiar Network, and others are pushing digital payments for developing countries, through a joint foundation called Mojaloop. The group will make a technological system available to governments and central banks, and will advise these entities on the implementation of the system and how to connect with different banks and payments organizations locally.

See also: Digital banking and fintech webinars: Open banking in Latin America; End of cash and the “New Normal” post COVID-19

New data shows accelleration of digital payments thanks to COVID-19

Globally, 45% of people have increased their usage of digital payments channels since the COVID-19 pandemic hit, according to an April study by Capgemini, a consultancy focused on digital transformation. They forecast the trend will continue in the next six to nine months.

Ualá hits rapid adoption in Argentina

In just over a month, PFM startup Ualá has issued almost 140,000debit cards for unbanked people in Argentina, a figure that Pierpaolo Barbieri, its founder, had expected to reach in months, not weeks.

Oyster and Mastercad in alliance to launch an exclusive business card

Sillicon Valey’s fintech based in Mexico presents its first debit card for small businesses, so that they can access financial services. Thus, the new Oyster Mastercard works with contactless technology, faster payments, and uses a PIN instead of a signature to authorize operations.

See also: Digital payments after Covid-19: A flatter curve?

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