Brazil: Brazil is facing growing concerns over wildfires across several regions, which are causing significant environmental damage and public health risks. The fires are being fueled by drought and deforestation, prompting the government to consider emergency measures to control the crisis. Discussions are also underway about implementing long-term policies to address climate change and deforestation, which are contributing to the severity of the fires. Source
Mexico: The Mexican peso has weakened amid escalating tensions in the Senate over a proposed judicial reform. Lawmakers are deeply divided, which has contributed to uncertainty in the financial markets. The instability surrounding the reform efforts is causing concern among investors, leading to fluctuations in the peso's value as market participants react to the heightened political tensions. Source
Brazil: Brazil continues to lead the Latin American fintech market, securing five out of the top ten deals in Q2 2024. The country's dominance in the sector is marked by major investments in payments, digital banking, and lending platforms, reflecting its strong position in driving fintech innovation across the region. This sustained growth highlights Brazil's importance as a key player in Latin America's financial technology landscape. Source
Brazil: Former Macquarie banker Ben Brazil has raised $1.4 billion for a fund targeting distressed assets, aiming to capitalize on opportunities in sectors facing financial difficulties. The fund will focus on industries such as real estate, infrastructure, and natural resources, where economic challenges have led to a need for capital restructuring and recovery. This large-scale fundraising underscores the growing investor interest in distressed assets as global financial pressures persist. Source
China: China's exports in August exceeded expectations, showing signs of stabilization in external demand, while imports fell short, reflecting weak domestic consumption. Exports dropped 8.8% from a year earlier but performed better than anticipated, while imports declined 7.3%, underscoring ongoing challenges in domestic demand. These mixed results highlight the pressure on China’s economy from both global and local factors, despite government efforts to stimulate growth. Source
India: Shares of ONGC and Oil India fell by up to 6% due to declining crude oil prices. Analysts attribute the drop to a weakening demand outlook and global oil price volatility. They suggest that while the decline in crude prices may impact the short-term profitability of oil producers, the long-term outlook for these companies remains strong due to strategic investments and government policies supporting the energy sector. Source
China: Fintech is playing a pivotal role in enhancing wealth management inclusion in China by providing access to sophisticated financial services for a broader range of individuals. Digital platforms are making it easier for people from various socioeconomic backgrounds to participate in wealth management, offering services like robo-advisors and personalized investment options. This shift is helping close the wealth gap and democratizing financial management in a traditionally exclusive sector. Source
Indonesia: YUP, a fintech startup in Southeast Asia, secured $30 million in Series B funding, the largest equity fundraising in the region's fintech sector this year. Led by MindWorks Capital, the funding will support YUP's market expansion and its plan to acquire a banking license in Indonesia. YUP, likened to Brazil's Nubank, focuses on providing credit card access to Indonesia's working-class population, partnering with major merchants like VISA and KFC. The company aims to serve 50 million users and plans a U.S. IPO in the next 3-5 years. Source
Nigeria: Abiodun Adebimpe, President of the Association of Asset Custodians of Nigeria, argues that trading blame and using propaganda will not help Nigeria's economic recovery. He highlights key challenges such as inflation, unemployment, and the devaluation of the Naira, driven by subsidy removals and foreign exchange issues. Adebimpe acknowledges the government's efforts in economic reforms but stresses the need for practical solutions to improve the country's macroeconomic environment, calling for collective action to address these structural problems. Source
Kenya: Kenya's Finance Minister announced plans to seek public input on laws aimed at improving the country's economic situation. The government is looking for ways to address fiscal challenges, particularly regarding public debt and revenue generation. This initiative is part of broader reforms intended to stabilize the economy, with the public's views expected to influence the formulation of new financial policies to drive economic recovery and growth. Source
Nigeria: Economists have warned that Nigeria's new N50 transfer levy on electronic transactions could negatively impact the fintech sector. They argue that the additional cost could deter people from using digital platforms for financial transactions, especially small businesses and lower-income users who rely on mobile and online banking. The policy may hinder financial inclusion efforts and slow down growth in the fintech industry. Source
South Africa: South African fintech startup Omnisient has raised $7.5 million in Series A funding to support its global expansion. The company, which specializes in secure data-sharing technology for financial services, plans to use the funds to extend its footprint beyond Africa and into international markets. The investment will also accelerate product development and enhance its data privacy infrastructure. This round of funding was led by a range of local and international investors. Source
Israel: Israel's economy has been severely impacted by 11 months of ongoing conflict, experiencing one of the sharpest slowdowns among wealthy nations. GDP contracted by 4.1% following attacks in October 2023, with further declines in early 2024. Military expenses, staff shortages, and a declining construction sector have worsened the economic situation. The Bank of Israel predicts a slower growth rate, and the cost of the war is estimated to reach $67 billion by 2025, straining the country's financial stability. Source
Dubai: The Dubai government and Noon have announced a new initiative to support small businesses by enhancing their e-commerce capabilities. This partnership aims to boost the digital presence of local SMEs, offering them access to Noon's platform and tools to help drive online sales. The collaboration is part of a broader effort to foster the growth of Dubai's small business sector, which plays a critical role in the economy, particularly in the retail industry. Source
Dubai: Dubai universities are introducing new courses aimed at shaping global futures, with focuses on green hydrogen, sports performance, and fintech. These programs are designed to address key industry trends and emerging sectors, providing students with the skills needed to meet global demand in sustainability, technology, and financial services. This initiative aligns with Dubai's broader vision of fostering innovation and leadership across critical industries. Source
Abu Dhabi: Hub71 has welcomed 21 new startups into its 15th cohort in Abu Dhabi. These startups, which have collectively raised over $130 million in funding, span sectors like fintech, health tech, and climate tech. The initiative is part of Hub71's efforts to support innovative businesses in scaling up and expanding globally. The selected companies will benefit from access to the local ecosystem, investment opportunities, and strategic partnerships aimed at driving growth. Source
Egypt: FlapKap, an Egyptian fintech startup, has secured $34 million in funding to accelerate its regional expansion across the Middle East and North Africa. The investment, led by Outliers Venture Capital, aims to enhance the startup's ability to provide data-driven financial solutions to e-commerce businesses. FlapKap focuses on helping online businesses optimize their working capital and scale more effectively by offering flexible payment plans and financial tools. Source
MENA startups raise $83 million in August 2024, a 76% MoM decline
