No images? Click here Did someone forward you this email? Get your own copy here Peru aims for its own PixPeru is developing an instant payment platform based on cell phone numbers, in an adaptation of Brazil’s Pix model that is slated for implementation in 2023, said Martín Santa María, chief executive officer of the country’s Electronic Clearing House (CCE). Demand for instant bank transfers has exploded, with volumes increasing 19-fold in the last two and a half years, leading CCE to look at ways to expand the system’s capabilities, Santa María explained at the event ‘30 Minutes Towards The Regulatory Future of Peru‘ this week. The event was hosted by iupanaPro, our specialized service for digital finance regulation. Next year, the country’s payment system is expected to allow P2P transfers with cell phone numbers, payments to merchants with QR codes, and improvements in cross-border payments, among other changes. Another important step will be the system’s interoperability. Read the highlights of the exclusive conversation here. BNPL: Santander and Falabella see potentialBanco Santander and Falabella Financiero are among the regional players eyeing the buy now, pay later (BNPL) credit model, which they say has the potential to continue growing in LatAm and generate income for lenders. “The product itself is a credit alternative,” said María Eugenia Díaz, corporate leader of BNPL at Falabella Financiero. “It’s a product that has been sustainable and The risks associated with BNPL have been under discussion after leading fintechs in the segment such as Klarna and Affirm saw their market valuation collapse earlier this year. Traditional banks had previously shown modest interest in the product, preferring to offer other sorts of point-of-sale lending, such as interest-free credit card purchases for cardholders. “The bank generates earnings, the merchant receives benefits as a result of the agreement, and the client receives its benefits,” said Daniel Hoyos, Content from Temenos BNPL leads the Revolution in Payment OptionsBanks are well-positioned to compete with Fintech BNPL providers by allowing customers to defer or stagger payments at point of purchase. We invite you to read our #Strategic Plays 📊Ualá swoops on BNPL acquisitionIn other BNPL news, the Argentine unicorn Ualá entered the fray by buying Ceibo Creditos, a local fintech specializing in point-of-sale finance. The operation further expands Ualá’s financial product offering, following the acquisition of the Empretienda marketplace in May. Also…
#Regulation ⚖️In Brazil, lending is expected to increase and interest rates fall should a bill changing the legal framework of guarantees be enacted. In Mexico, the regulator is strengthening cybersecurity rules in order to equate standards to the service offered and not to the type of company And in Peru, municipal savings banks will be able to receive deposits and issue debit and credit cards, among other new services. The measure approved by the country’s Financial Superintendency aims to foster competition and financial inclusion. In addition, the Peruvian regulator asked banks and finance companies to conduct an urgent review of their digital channels following an alleged data leak. Also…
Like iupana’s Friday Briefing?Do your colleagues a favor, and forward it to them.#Investments 📈Xepelin and Clip get credit linesChile’s Xepelin, dedicated to financial solutions for SMEs, obtained a US$140-million line of credit from Goldman Sachs. The deal uses asset-backed securities (ABS) and has an initial disbursement of US$40 million. Similarly, Mexican paytech unicorn Clip obtained an unsecured revolving credit line for US$50 million from Morgan Stanley, JPMorgan Chase & Co and HSBC. The money will be used Also…
#iupanaExclusive 🔥This week Wise issued a skeptical opinion on the use of cryptocurrencies in remittances. Pedro Barreiro, head of banking and expansion at Wise in Brazil, said there is not yet a digital ecosystem to support purchases and sales using crypto. This risks generating friction for people who receive crypto remittances, as they are forced to exchange them into fiat currency.
Learn more about Wise’s strategy and expansion plans for LatAm in our exclusive interview. |