Brazil, the largest country in Latin America by population and land size, is undergoing various innovations and transformations where fintech is playing a role in that. But how?
Home to over 200 million people, the Portuguese-speaking nation is also the largest fintech market in the region. It is home to one of the largest cities in the world and also is a major financial hub in the Southern Hemisphere – Sao Paolo. Fintech clusters can be found not only in Sao Paolo but also throughout other parts of Brazil as well such as Rio de Janiero and Curitiba to name a few.
Watch economic development advisor Richie Santosdiaz with The Fintech Times speak one-to-one with Diego Perez from Associação Brasileira de Fintechs (ABFintechs) or Brazilian Fintech Association in English, to find out more about the opportunities, challenges and innovations happening in Brazil.
To watch the full interview see below:
The changes in Brazil have been impressive in large parts to the Banco Central do Brasil (Central Bank of Brazil) – take the open banking initiative, for instance. This has been similar in many ways to its other neighbouring countries such as Mexico and Chile.
As a whole, Brazil’s opportunities span not just in fintech but wider as a whole. Much of its economic development can be seen with not only its large population but also its talented and educated population. Despite that, with respect to fintech, there are still opportunities that can help further close gaps and offer financial inclusion to all.
Looking further afield into the wider ecosystem of Brazil, it appears very much that the country’s fintech scene is booming, with many new entrants stepping forward to bolster LatAm’s payments infrastructure. The open payments gateway Volt recently announced its expansion of open banking to Brazil following a period of rapid growth for the fintech company, whilst the evolution of Agi is set to drastically transform how ordinary Brazilians interact with banking and non-banking services; significantly closing the gap on the country’s rate of financial inclusion.
