A Pix for Latam: The prospect of a regional payment system
This week, the Central Bank of Brazil (BCB) announced that Pix protocols will be open and available to issuers from other countries, which will allow them to replicate the country’s groundbreaking instant payment system (ISP) free of charge.
The declaration by the BCB’s president, Roberto Campos Neto, suggests the possibility of an ISP that’s
“Following this announcement, I see the real possibility of a regional instant payment system. More details will need to be discussed, but it is a good start,” Bruno Diniz, managing partner of Brazilian innovation consultancy Spiralem, tells iupana.
In its two years of operations, Pix has
According to Diniz, the key to the Pix model lies not only in the technology but also in the mandatory nature of its implementation. In contrast, regulators elsewhere have had try and convince banks to implement plug-and-play systems that impact their interoperability and fees in the long run.
“Banks may not accept it in silence, but it requires a strong, clear dialogue between the
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“Beyond the cycle”: Mercado Pago is confident in the future of cryptocurrencies
The monumental crash of the US exchange FTX has not only affected the price of cryptocurrencies but has also raised questions about the sustainability of blockchain-based financial services. Are crypto products built on sand?
For Mercado Pago, the answer lies in the long term. “We believe cryptocurrencies will continue to gain relevance, regardless of the cycle we are experiencing today. Within five years we are going to see a different picture,” says Pedro Rivas, general director of Mercado Pago in Mexico. “They
The fintech, which is part of Mercado Libre, this week unveiled new functionality allowing users to buy, sell, and hold ether and bitcoin using its wallet. The company said adoption exceeded initial expectations, with 150,000 active users in the first phase of the roll out. And that’s in a context of low prices and screaming headlines.
Controversy about regulation and corporate governance (or the lack thereof) is at the center of the latest crypto crisis. In this context, the fintech stressed that the wallet’s latest feature is built on an alliance with Paxos, a blockchain platform supervised by the SEC.
#Quote of the week 📆
Martín Breinlinger, director of the National Securities Commission of Argentina, speaking about his effort to regulate cryptocurrency advertising. Breinlinger this week joined iupanaPRO, our dedicated regulatory service, for its monthly event 30 Minutes Towards the Regulatory Future.
Nubank reaches break-even
Nubank posted its first-ever net profit in 3Q, thus reaching its breakeven point and marking a milestone for the fintech. The company reported earnings of US$7.8 million, compared with a US$34.3 million loss in the same period a year ago. Nu increased revenue by 171% year-on-year to US$1.3 billion. Likewise, the neobank added 5.1 million new clients in the quarter and now has more than 70 million across Brazil, Colombia and
Bancolombia: Digital channels are preferred by users
Bancolombia said 83.8% of client transactions were carried out using its digital channels, according to the bank’s quarterly earnings statement. Digital adoption among its customers has grown 76.9% since 2019 and its Nequi digital wallet notched up 14 million users, with an activity indicator of 67%.
dLocal shares collapse on hedge fund bet
Shares in dLocal lost almost half of their value, after the U.S. hedge fund Muddy Waters said it was betting against the Uruguayan paytech’s shares and made multiple allegations about its accounting practices. dLocal presented its financial results on
#Strategic Plays 📊
Google launches digital wallet in Mexico
Tech giant Google launched its GPay electronic wallet in Mexico. Users will be able to make transactions and save credit and debit card information and even boarding passes. The wallet is available on Android devices.
Afirme introduces Billú, its digital