The future of finance in LatAm & the Caribbean

Chile regulates payment interchange; Fintech acquisitions & investments continue; & more

Jul 11, 2020

By Fabiola Seminario
Chile regulates payment interchane; Fintech acquisitions and investments; Apple Card goes beyond Apple
#TopNews: Here’s what you need to know this week in digital banking and fintech in Latin America 


Chile will regulate payment interchange rates 

Capped interchange rates, differentiated rates by card type, and a fee structure set by an international entity, are expected to come in under new regulations to deal with a long-running conflict over interchange rates in the Chilean payments industry. Read the detail of the announcement made by the Ministry of Finance, here. 

Apple Card launches home banking 

You’ll no longer need to use an iPhone to manage your Apple card. The brand has just launched its own website that works outside the Apple ecosystem. From here, customers will be able to view their balance, make payments, and verify their account status. 

Click to Pay: the new e-commerce offering from Visa, Mastercard, Amex and Discover 

A new electronic payment format has just been released. Click to Pay promises frictionless, more secure and interoperable e-commerce functionality. To date, the major card issuers to more than 10,000 merchants in the US, and have their sights set on Brazil, in addition to other European and Asian countries to roll out the new system. 

You might also like: Blockchain in banking: From concept to reality 

Swap, WDG, W3Haus: New bets for investors 

The Brazilian fintech Swap closed a seed investment round of US $ 3.3 million, led by OneVC. Swap offers infrastructure and APIs to financial institutions, an important issue given the arrival of open banking in Brazil this year. Also in Brazil, IBM announced the acquisition of WDG Automation, a process automation company, and technology company Stefanini bought W3Haus, a digital advertising agency for an undisclosed amount. 

Rappi powers its ‘superapp’ with games, music, events and more 

Just when we thought that Rappi’s biggest move this year would be its partnership with Banorte, the Colombian app updated the headlines with the launch of a new entertainment ecosystem that encompasses games, live events, music and shopping. Is Rappi becoming the Latin American WeChat? 

Credicorp completes merger process with Ultraserfinco 

What started in November last year is celebrated today. Credicorp has just met its target of greater regional presence thanks to the merger by absorption with Ultraserfinco, one of the main brokerage firms in Colombia. 

You might also like: Amid Covid stress-test, investors keep betting on LatAm fintechs 

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