Brazil: Experts are concerned that cryptocurrency outflows from Brazil could impact the country’s exchange rates. As more individuals and institutions convert Brazilian reals into cryptocurrencies and move them abroad, this may weaken the real's value. The Brazilian Central Bank and government agencies are monitoring the situation, as they fear sustained outflows could add pressure to the local currency, potentially influencing inflation and economic stability. Policymakers may need to consider regulation to mitigate these risks. Source
Mexico: Mexico's new economic team, led by President Claudia Sheinbaum, is tasked with navigating significant financial and trade challenges. Among their primary concerns is addressing the 5.8% fiscal deficit, managing inflation, and preparing for the 2026 renegotiation of the USMCA trade agreement. Infrastructure development, especially for nearshoring, will be a key focus, along with efforts to modernize agriculture. The team includes prominent figures like Rogelio Ramírez de la O (Finance), Marcelo Ebrard (Economy), and Jesús Antonio Esteva Medina (Infrastructure). Source
Mexico: Revolut is seeking a banking license in Colombia after securing approval in Mexico, marking its expansion in Latin America. The fintech plans to invest $35.6 million and hire 30-50 employees in Colombia, with services expected to launch within 18 months. Revolut aims to offer products like instant money transfers and multi-currency accounts while targeting consumers, freelancers, and small businesses. The company sees significant potential in the Colombian market, particularly for remittance services from countries like Spain, Mexico, and the U.S. Source
Brazil: Brazilian fintech Barte has secured $8 million in a Series A funding round to enhance its modular payment solutions across Brazil. The funds will be used to expand Barte's infrastructure, which allows businesses to integrate various payment methods into their platforms, aiming to streamline financial operations and increase efficiency for its clients. This investment will support Barte's goal of advancing payment technology and accessibility throughout the country. Source
Brazil: Brazilian SMB finance startup Asaas has raised new funding to further its mission of providing financial services tailored to small and medium-sized businesses in Brazil. The fresh capital will be used to expand the company's offerings, including payments, credit, and financial management solutions, with a focus on improving accessibility and efficiency for SMBs across the country. This move comes as Asaas continues to support the growing demand for fintech solutions in Brazil's rapidly evolving financial landscape. Source
China: Experts are concerned that cryptocurrency outflows from Brazil could impact the country’s exchange rates. As more individuals and institutions convert Brazilian reals into cryptocurrencies and move them abroad, this may weaken the real's value. The Brazilian Central Bank and government agencies are monitoring the situation, as they fear sustained outflows could add pressure to the local currency, potentially influencing inflation and economic stability. Policymakers may need to consider regulation to mitigate these risks. Source
India: India has denied allegations that it is intentionally undermining the US dollar amid global dedollarization trends. The Indian government emphasized that its focus is on strengthening its own currency, the rupee, and encouraging its use in trade agreements, particularly with neighboring countries. This shift aligns with global movements toward diversifying trade currencies but is not aimed directly at displacing the US dollar in global commerce. India’s goal is to reduce reliance on any single foreign currency in trade, ensuring more stability in its transactions. Source
India: BCT Digital has been ranked among the top 70 global risk management firms by Chartis Research. This recognition highlights BCT Digital's excellence in offering innovative solutions for managing financial risk, regulatory compliance, and fraud detection. The company’s achievements in risk management technology, especially within the banking and financial services sectors, contribute to its growing global reputation. Source
India: A recent study revealed that 60% of unicorn founders in India are first-time founders who achieved success on their first attempt. The report analyzed 261 founders and noted that 29% took two attempts, while 6% took three tries to build their first unicorn. It highlighted that serial entrepreneurs often succeed faster with their subsequent ventures, benefiting from prior experience, better access to capital, and networks. This reflects the evolving Indian startup ecosystem's increased tolerance for failure and resilience. Source
India: IBASIC Home Loan, a fintech startup from India, has raised ₹87.5 crore ($10.6 million) in a Series B funding round led by Bertelsmann India Investments and CE-Ventures. The startup, founded in 2020, simplifies the home loan process for underserved regions in India, particularly tier 2 and 3 cities. The new funding will be used to expand its market reach, enhance its technology, and support its First Loss Default Guarantee (FLDG) risk-sharing model with lenders.Source
South Africa: South Africa's private sector saw strengthened growth at the end of Q3 2024, as shown by the latest PMI, which rose to 51.0 in September. Cooling cost pressures, driven by a stronger rand and lower import prices, helped businesses improve output while easing inflation. Selling prices fell for the first time in over four years, boosting demand. However, GDP growth may stagnate due to slowdowns in mining and exports, even as retail and services sectors show promise. Source
Nigeria: The Economic Stabilisation Bill, approved by Nigeria’s Federal Executive Council, aims to address inflation, promote fiscal discipline, and stabilize the Naira by amending around 15 tax and fiscal laws. The bill is part of the government’s Accelerated Stability and Advancement Plan (ASAP) and includes measures such as simplifying tax systems, promoting export diversification, and encouraging investment in the gas sector. While it’s seen as crucial to boosting economic recovery, effective implementation and stakeholder collaboration will be key to its success. Source
Ethiopia: Ethiopia's central bank has released $175 million to address a potential foreign exchange crisis, specifically to cover fuel-related payments. This move is part of efforts to stabilize the economy following recent foreign exchange reforms, which have reduced the parallel market premium and increased foreign exchange reserves. The injection aims to prevent disruptions in fuel imports while maintaining broader economic stability as Ethiopia continues its financial sector liberalization backed by the IMF. Source
Nigeria: Zone, a blockchain-based company in Nigeria, is bridging the gap between traditional banks and fintechs by creating a regulated blockchain network. This innovation allows banks and fintechs to route transactions directly, improving communication, reducing errors, and minimizing fraud. The platform is expected to enhance the efficiency of financial services in Nigeria, fostering partnerships between these institutions. However, its ability to handle high transaction volumes as more institutions onboard remains to be seen. Source
Nigeria: Chinese fintech firms, like Opay and PalmPay, dominate Nigeria’s mobile money market, which has seen transaction values jump 29-fold to ₦49.5 trillion (around $63 billion) in five years. These fintechs have successfully expanded by offering free or low-cost services and building extensive agent networks, particularly benefiting from the Central Bank of Nigeria’s currency redesign efforts. Their dominance has driven financial inclusion in Nigeria by bringing millions of unbanked individuals into the financial system. Source
Abu Dhabi: The Abu Dhabi index dropped for the seventh consecutive session, falling 0.4%, amid regional tensions between Israel and Iran. Key declines were seen in Alpha Dhabi Holding and Multiply Group. Meanwhile, Dubai's index rose 0.2%, supported by gains from Emirates NBD Bank and Commercial Bank of Dubai, the latter benefiting from a $500 million bond sale. Despite this recovery, Dubai’s index ended the week with a 2.6% loss, while Abu Dhabi’s fell 3.1%. Rising oil prices also influenced market dynamics. Source
UAE: The UAE Cabinet approved the Union General Budget Plan for 2025, totaling AED 71.5 billion in both revenues and expenditures, marking an 11.5% increase from the 2024 budget. New Zealand's central bank cut its official cash rate to 4.75%, while China's National Development and Reform Commission remains confident in meeting the 5.0% growth target. Global markets showed mixed performances, with gains in US stocks and oil prices fluctuating after five consecutive increases. Source
UAE: The United Arab Emirates (UAE) leads the Middle East in adopting digital assets, experiencing a 42% growth in digital asset activity over the past year, receiving $30 billion in transactions. The UAE's progressive regulatory framework, including the establishment of the Virtual Asset Regulatory Authority (VARA), has attracted global players and encouraged innovation in blockchain and decentralized finance. This positions the UAE as a key digital asset hub in the MENA region, while Turkey remains the largest market. Source
MENA: MENA startups raised $328.3 million in September 2024, signaling robust investor confidence in the region. The funding was spread across various industries, with notable contributions from fintech, e-commerce, and healthtech sectors. This growth reflects the continued appeal of the MENA region for venture capital and investment, driven by its expanding startup ecosystem and innovative developments. The substantial funding shows investor optimism despite global economic challenges. Source
