The push to lower interest rates, begun under previous central bank president Ilan Goldfajn (left), is to continue under new president Roberto Campos Neto
The Brazilian central bank is making good on its push to increase competition in the country’s financial sector by publishing a directive on the governance of its open-banking initiative.
According to the document, released on April 24, the country’s 12 largest banks – which together account for 86% of the system’s loans and assets – will have to open their customers’ transactional account information to external parties, including new entrants such as fintechs.
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