The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Fintech

Brazil: BCB opens up credit fintechs to foreign capital

Central bank taking further action to lower credit costs through competition; Banco Inter’s post-IPO growth shows digital banking opportunity.

Michel-Temer-brazil-close-up-R-780

Brazilian president Michel Temer signs decree 9,544 before leaving office



Brazil’s central bank (BCB) has taken another step to increase the competitive forces in the country’s highly consolidated banking system by authorizing foreign investors to own up to 100% of credit fintechs.

Brazilian president Michel Temer, who will leave office on January 1, signed decree 9,544 as part of BCB’s ‘+ Agenda’, which aims to stimulate innovation and competition in the credit markets.

The bank said it expects this will speed up foreign entrants into the market for providing loans to Brazilian consumers and companies.

This is the latest rule change to foster competition in the banking system and follows BCB’s introduction of a lighter regulatory regime for fintechs, as well as its decision not to allow Itaú to pursue its majority purchase of XP Investimentos.




Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree