Brazil: Brazil's Finance Ministry is preparing to calculate the country's potential GDP as part of a strategy to promote sustainable growth and guide economic policy. By assessing potential GDP, the government aims to support fiscal and monetary decision-making, including debates on interest rate levels. This approach intends to clarify how much the economy can grow without triggering inflation, helping to balance growth objectives with inflation control measures. The initiative aligns with efforts to ensure more informed economic policies and stability over the long term. Source
Mexico: The Mexican Peso rebounded from a two-month low despite pressures from strong U.S. retail sales data and tariff threats on Mexican cars by former President Trump. Initially, these factors had pushed the USD/MXN exchange rate above 20.00, reflecting peso weakness. However, shifting market sentiment helped the peso recover to around 19.60. Meanwhile, the IMF lowered Mexico’s 2024 growth forecast to 1.5%, signaling a deeper slowdown and potential inflation risks. The outlook for Banxico includes further rate cuts, which could impact the peso's strength moving forward. Source
Brazil: The fintech sector is showing renewed optimism for IPOs after a two-year lull, with Nubank's listing serving as a benchmark. The Brazilian digital bank, which went public in 2021 at a $41.5 billion valuation, demonstrated the potential for high valuations in emerging markets. However, recent volatility has made fintechs more conservative in pricing their IPOs. As conditions improve, several companies, including blockchain firms and payment providers, are preparing for public offerings, aiming to showcase growth beyond earlier fintech trends. Source
Mexico: Shein has partnered with Mexican fintech Stori to launch its first global credit card, targeting Mexico's e-commerce market. The card, a Mastercard, offers interest-free installment payments at Shein and double points on purchases. This collaboration aims to expand financial inclusion in Mexico, where many remain underserved by credit products, while boosting Shein's local market presence. Source
China: China's recent economic stimulus measures, including monetary easing and support for the property market, have failed to generate a sustainable recovery amid deep-rooted economic issues. Persistent challenges like local government debt, weak consumer demand, and an oversupplied property sector continue to weigh on growth. While efforts to stabilize the economy are ongoing, they have so far fallen short of sparking significant investment or consumption, leaving the outlook uncertain. Source
India: India's PMI for October 2024 indicated strong economic growth, with the composite index rising to 58.6 from 58.3 in September. This marks the 39th straight month of expansion, driven by increased new orders and robust activity in both manufacturing and services. The manufacturing sector saw higher production and sales, despite facing rising costs, while the services sector showed stronger hiring trends, contributing to balanced growth. These gains highlight the resilience of India's economy amid global uncertainties. Source
India: Six investors are tapping into India’s booming fintech sector, driven by digital payment growth and financial inclusion initiatives. These include Cedar-IBSi Capital, Better Capital, growX Ventures, Nexus Venture Partners, 8i Ventures, and 100X.VC. They focus on early-stage investments in areas such as B2B fintech, consumer fintech, and digital financial services, aiming to scale innovative solutions for underserved segments. The sector's rapid growth presents lucrative opportunities for high returns and impactful financial solutions. Source
India: Fintech startup Slice has raised INR 71.73 crore ($8.6 million) through a new share issuance, following approval from its board. The funding round aims to support the company's growth initiatives and strengthen its financial position. Slice focuses on providing digital payment solutions and credit offerings in India, targeting young professionals. Source
Ghana: Ghana's trade attractiveness fell from 3rd to 7th in Africa, according to the Standard Bank Africa Trade Barometer. The decline is due to a worsening macroeconomic environment and decreased trade confidence, making it challenging for businesses to access foreign currency for imports. This shift highlights Ghana's economic pressures, impacting its ability to facilitate cross-border trade, especially for SMEs. Source
Nigeria: The IMF has noted that Nigeria continues to borrow actively despite high debt costs, with financing remaining more expensive than in previous years. The country’s recent monetary reforms, including interest rate hikes and foreign exchange adjustments, aim to stabilize the economy amid inflation nearing 30%. The IMF also downgraded Nigeria's 2024 growth forecast to 2.9%, citing issues in agriculture and oil production. Despite challenges, Nigeria's economic reforms seek to enhance resilience and attract international support. Source
Nigeria: Nigeria's OmniRetail has acquired Traction Apps, a payment platform for SMEs, to enhance its digital commerce solutions. The acquisition will integrate Traction's POS and payment services into OmniRetail's OmniPay, supporting small businesses with tools for payments, inventory, and logistics management. The integration aims to be completed by early 2025, strengthening OmniRetail's embedded finance offerings for African retailers and distributors. Source
Dubai: Dubai and Abu Dhabi are competing to attract global wealth managers, aiming to establish themselves as premier financial hubs. Dubai's DIFC leads the region, hosting over 300 asset management firms and benefiting from tax incentives and access to public and private capital. Abu Dhabi's ADGM is leveraging its proximity to sovereign wealth funds to attract firms seeking investment opportunities, with the financial center expanding to accommodate growing demand. Both cities offer flexible regulatory frameworks based on English common law, supporting rapid fund establishment. Source
Egypt: Egypt's economic growth is expected to increase to 4.0% by mid-2025, as the country completes its IMF-imposed economic reforms. The measures, which include a flexible exchange rate, fiscal discipline, and monetary tightening, aim to stabilize the economy amid high inflation and debt. While Egypt's macroeconomic outlook has shown some improvement, challenges remain, such as a high debt-to-GDP ratio of over 90% and plans to continue large-scale state projects despite austerity efforts. The IMF has called for structural reforms to improve the business environment and reduce the state's economic role. Source
Egypt: Egypt is on the brink of a digital banking boom, driven by regulatory support and increased fintech activity. The Central Bank of Egypt has introduced policies to promote digital transformation, including licenses for digital-only banks and payment firms. Rising smartphone usage and a young, tech-savvy population further fuel the demand for digital financial services. These factors are attracting significant investment into fintech and digital banking, aiming to enhance financial inclusion and modernize Egypt's banking landscape. Source
Bahrain: Arab Financial Services (AFS) has secured a $50 million capital injection to expand its digital payment services across the Middle East and North Africa (MENA). The investment will support AFS's plans to enhance its product offerings, drive innovation, and increase its market presence in the region. The funding is aimed at accelerating growth and advancing the adoption of digital financial solutions, including payment processing and fintech services, in MENA. Source
Saudi Arabia: Saudi Venture Capital (SVC) is investing $15 million in a venture capital fund launched by Vision Ventures. The investment aims to support startups in Saudi Arabia and the wider MENA region, focusing on sectors such as technology and innovation. This move is part of SVC's broader strategy to stimulate venture capital growth and foster entrepreneurship in the Kingdom. Source
