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The future of finance in LatAm & the Caribbean

January 26, 2022

Nubank offers insurance, Itaú moves to the cloud

Dec 4, 2020

By Fabiola Seminario
LatAm digital banking and fintech top stories this week: Itaú chooses cloud provider, Nubank offers life insurance, and more


Nubank launches “Vida”

The Brazilian fintech Nubank launched Nubank Vida, a life insurance policy, as it expands its service offering. According to the fintech, the policy has the lowest initial average cost in the market – only R $ 9.00 (US $ 1.72, approximately) per month – and it’s customizable. The service, underwritten by Chubb, can be contracted directly from the bank’s application and paid monthly.

Argentina set for QR payments 3.0

Transfers 3.0, a new national digital payment system, will go live in Argentina on Monday, December 7, to allow any business or company to charge for its services through QR codes. The interoperable tool launched by the Central Bank will allow all the fintech and banks in the country on the same platform.

Itaú Unibanco chooses AWS as its cloud provider

Banco Itaú has chosen Amazon Web Services (AWS) for cloud services. Itaú Unibanco will migrate most of its infrastructure and data centers to the cloud, in addition to its main banking platforms and mobile and online applications.

See also: E-commerce surges, but logistics hurdles key challenge for 2021

Card companies ordered to publish interchange fees in Chile

Chile’s competition regulator has ordered Mastercard, Visa and American Express to publish their interchange fees, charged for each transaction carried out with credit, debit and prepaid cards. Previously, the information on the rates was only known to the merchants and acquirers that worked with each company. The move comes amid upheaval in Chile’s payments system.

Belvo hires for payments

Belvo, an open banking startup, has hired Ricardo Medina, a former official of the Bank of Mexico and the National Banking and Securities Commission, to manage its payments strategy.

See also: Beyond an account: The challenges of financial inclusion in Latin America

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