This week, we also review the status of regulation for artificial intelligence in the region. In addition, Visa signs a US$1-billion deal to buy Brazilian fintech Pismo and Kushki obtains approval to operate as an acquirer in Chile.
Read the main note here: Inclusion and personalization: Fintech targets trans borrowers
#Strategic Plays
What’s in store for AI, banking and regulation.
Artificial intelligence (AI) is a rapidly evolving technology, but it already has a foothold in the existing legal framework of Latin American countries, offering an opportunity for banks —which are subject to high levels of supervision— to use IA to fuel innovation.
This week, iupanaPRO organized the webinar AI, regulation and banking: How to create a successful long-term strategy, with the aim of exploring the impact that new technologies will have on the financial industry in the coming years.
Financial institutions and banks can use new AI applications to develop areas such as data management, alternative scoring, robo-advisers and to reach new levels of efficiency.
Watch the conversation again, here.
Visa acquires Pismo for US$1 billion
Visa clinched a deal to purchase Brazilian fintech Pismo. The acquisition will give the card giant a cloud-native platform that hosts some 70 million accounts and carries out more than US$200 billion of transactions a year. In addition, it will be able to provide support and connectivity for emerging payment methods, such as Pix. Pismo has operations in Latin America, Asia-Pacific and Europe.
Mastercard looks to scale blockchain
Mastercard has launched the Multi Token Network (MTN) to facilitate and scale transactions with digital assets and blockchain. The beta version of MTN will be available in the UK from Q3, allowing for live pilot testing with financial institutions, fintechs and central banks. The first phase of the application will focus on tokenized bank deposits.
Kushki receives Chilean acquirer license
Ecuadorian paytech Kushki was authorized to operate as a non-bank acquirer in Chile and compete in a local payment ecosystem dominated by bank acquirers. Kushki also has licenses to operate in Mexico, Peru and Colombia.
Besides…
- In Chile, Mercado Pago joined Redbanc’s RedGiro QR service, to enable cash withdrawals at ATMs without a card. The fintech previously enabled the same functionality in Brazil.
- In Brazil, digital asset infrastructure company B3 Digitas joined forces with Inter Invest to create a platform for buying and selling cryptocurrency.
#Investors
Asaas raises US$20.9m for B2B operations
Brazilian fintech Asaas raised US$20.9 million to strengthen its payment management operations and enterprise resource planning (ERP) services for SMEs — a business model that is booming in Brazil. Existing investors, such as Inovabra and Parallax Ventures, participated in the fundraising.
#iupanaExclusive
This week, we take a moment to assess the fintech landscape through a list of the most relevant news stories from the first half of the year. We evaluate the impact the developments had on the markets where they occurred, their protagonists and the degree to which they disrupted their sector, in addition to the interest they generated among our community of digital banking, fintech and payment leaders.
- Open finance is gaining momentum, and interest in the Mexican market is growing.
- Providing financial services to migrants in the region poses a challenge for the industry.
- Predictive finance is a concrete example of how banks such as Itaú and Bradesco are already exploring the use of data and technology.
Read the details in our special report.