Weekly LATAM FinTech Newsletter powered by Marcel van Oost

?? NEWS HIGHLIGHT

• Binance announces Send Cash in Latin America.

Binance is launching Send Cash in Latin America, a new product that will allow users to transfer crypto via Binance Pay from 9 countries in the region, so that family and friends can receive money directly into their bank accounts, thanks to the services of licensed transfer processing providers.

Subscribe now

?? ARTICLE

Mexico’s fintech law “needs a shake-up”

Mexico’s fintech law was supposed to be a catalyst for the financial sector when it was first approved in 2018. Five years later, industry players are highlighting its shortcomings.

Read the full The Banker article here

??INSIGHTS

• Remittances and spending by Brazilians abroad are growing above pre-pandemic levels.

A growing number of FinTechs and banks are offering Brazilians international digital accounts – U.S. dollar or euro-denominated accounts opened from Brazil that allow individuals and companies to send money abroad more conveniently and cheaply than through traditional bank transfers.

Read the full article here

NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS

?? REGIONAL HIGHLIGHTS

?? Nubank’s “Caixinhas” reaches 8.6M clients in H1 2023.

?? Lightspeed Venture Partners is making its debut investment in Brazil by leading a seed round for Cumbuca.

?? Scotiabank México has forged a strategic partnership with online platform Lamudi.

?? Nubank to launch personal loans for Mexican market.

BRAZIL

Serasa Experian has recently acquired FlexPag. The acquisition is designed to add a new feature to Serasa's mobile app, called "My Accounts," which will serve as a one-stop place for managing various utility bills.

Mercado Pago is introducing a new Visa credit card targeted at supporting small and medium-sized enterprises (SMEs) in Brazil. This initiative will benefit sellers who are already using Mercado Pago's debit card by offering them an additional credit line.

COLOMBIA

Mono has teamed up with Visa to launch a new kind of corporate card in Colombia that eliminates the need for a credit review. Instead of undergoing the traditional credit check, the card simply links to the company's existing Mono account balance.

CarroYa has acquired FacilPass for $21 million. FacilPass is known for its electronic device that facilitates toll payments in Colombia. With this acquisition, CarroYa aims to integrate all of FacilPass’s services into its own app.

Clara has teamed up with Colombia's National Guarantee Fund (FNG) to expand credit access for various businesses in Colombia.

Nequi and Visa have introduced a feature that allows Nequi Visa digital card users to make contactless payments using their Android devices, eliminating the need for the physical card.

MEXICO

Heru has rolled out new tax services powered by Artificial Intelligence (AI), aiming to simplify and make affordable the taxation processes for various business activities.

Dimo? (Dinero Móvil) is Banco de México's new digital payment tool that enables real-time money transfers using only a cellphone number.

Mexico is working towards modernizing and reforming fintech regulation, as articulated by Gabriel Yorio, the Undersecretary of Finance. Recognizing that the current regulations for fintech companies are lagging, Mexico aims to enhance the booming fintech sector.

BOLIVIA

Yape has launched its services in Bolivia with ambitious plans. Known for its widespread usage in Peru, where it processes over 220 million transactions each month, the fintech aims to capture a large user base in Bolivia as well.

CHILE

Circle has partnered with Latin American fintech Mercado Pago to bring USDC to Chile. The integration of USDC into the Mercado Pago platform will grant Chilean users access to a reliable, secure, and transparent digital dollar.

MOVERS & SHAKERS

Yuno has recently incorporated Eduardo Gouveia and Sérgio Saraiva as board members. They're poised to leverage their e-commerce and payment platform experiences to further Yuno's growth ambitions in Brazil.