Federal Government authorizes entry of fintechs with foreign capital in the country
The Federal Government has formalized a decree that will help the entry of fintechs, with foreign capital, in Brazil, in order to increase the level of competitiveness of the financial market of the country. The decree will enable the entry of Brazilian technology companies with up to 100% of foreign capital to operate in the Brazilian market, provided that it is within the operational standards promoted by the Central Bank.
"Fintech's operations will increase competition in the financial system, helping to reduce the cost of credit by offering products to a public that has not yet been served by the traditional banking system," the BC said in a statement.
Today, only the entry of fintechs in Brazil is allowed, if the government sees its operation on Brazilian soil as national interest. "The realization of foreign investments in fintechs is fundamental to foster advances and technological innovations," concluded the Brazilian Central Bank.
"Fintech's operations will increase competition in the financial system, helping to reduce the cost of credit by offering products to a public that has not yet been served by the traditional banking system," the BC said in a statement.
Today, only the entry of fintechs in Brazil is allowed, if the government sees its operation on Brazilian soil as national interest. "The realization of foreign investments in fintechs is fundamental to foster advances and technological innovations," concluded the Brazilian Central Bank.
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