Brazil: Brazil’s Finance Minister, Fernando Haddad, announced that the country aims to regain its investment-grade rating by 2026. This goal is supported by the implementation of a new Fiscal Framework to ensure long-term fiscal balance and the recent approval of tax reforms. Haddad emphasized Brazil's economic adjustments and competitive advantages in attracting global investments, alongside an optimistic outlook for public debt management. Moody’s recently upgraded Brazil's credit rating to one notch below investment grade, reflecting progress toward financial stability. Source
Mexico: The International Monetary Fund (IMF) has downgraded its economic growth outlook for Mexico, projecting growth of 1.5% in 2024 and a further decline to 1.3% in 2025. The forecast reflects concerns over capacity limitations, tight monetary policy, and uncertainties surrounding recent judicial reforms that may impact investor confidence and the rule of law. Additionally, the IMF warned of external risks, such as a potential U.S. economic slowdown and global market volatility. On a positive note, inflation is expected to align with the central bank's 3% target, indicating some financial stability for the country. Source
Mexico: Mexico: Moove, a mobility fintech, has expanded to Mexico, marking its first entry into Latin America. The company, which finances vehicles for ride-hailing services, has now launched operations in eight global markets. This move follows Moove's recent expansion in the U.S. and aligns with its strategy to tap into high-growth regions. Moove aims to drive sustainable growth by incorporating electric vehicles in various markets and empowering ride-hailing drivers through vehicle ownership opportunities. Source.
Brazil: Brazilian fintech startup Asaas secured R$820 million (approximately $148 million) in Series C funding, led by Bond, with participation from SoftBank, Endeavor Catalyst, and 23S Capital. This funding will support Asaas in expanding its operations, boosting research and development, and pursuing acquisitions to strengthen its financial automation services for small and medium-sized enterprises (SMEs). The company provides solutions such as payment processing and invoicing, aiming to reach significant revenue milestones in the coming years. Source
China: China's economy grew by 4.6% in Q3 2024, falling short of the government's 5% target but exceeding expectations of 4.5%. The slowdown from Q2's 4.7% growth raises concerns about the pace of economic recovery. Positive signs included increased retail sales, up 3.2% year-on-year in September, and a rise in industrial production by 5.4%. Despite recent stimulus measures, market sentiment suggests more action may be needed, as overseas demand remains weak. Source
India: India's economic growth decelerated in September 2024, as reflected in Nomura's India Normalization Activity Index (NIAI), which dropped to 3% from August's 4.2%. The downturn was primarily due to subdued consumer spending and weaker export demand, indicating slower economic momentum. Despite this, easing inflation and prospects for policy support could provide a cushion against further slowdown. The decline in the index suggests that while growth remains positive, the pace of recovery may be uneven, with external factors like global demand playing a key role in shaping near-term prospects. Source.
India: Mastercard has launched a new Tech Hub in Pune, India, as part of its global technology strategy. The facility will house over 6,000 professionals, making it the company's largest workforce in a single city worldwide. The Tech Hub aims to advance Mastercard’s technology initiatives, including financial inclusion efforts and innovative payment solutions like biometrics and tokenization for secure transactions. This move aligns with India's digital growth ambitions and Mastercard's commitment to expanding its technology footprint. Source.
Pakistan: Abhi, a Pakistan-based fintech, secured $15 million in debt financing led by Shorooq Partners and Amplify Growth Partnership. The funding will help Abhi expand its Earned Wage Access services and other financial solutions across the Middle East, North Africa, and Pakistan (MENAP) region. The company partners with over 550 firms, impacting more than 750,000 individuals by offering payroll processing, SME financing, and other financial services. Source.
South Africa: During a recent parliamentary address, South African President Cyril Ramaphosa emphasized plans to stimulate economic growth, targeting a 3% growth rate. He outlined strategies to strengthen public-private partnerships, improve infrastructure, and expand renewable energy. Ramaphosa acknowledged challenges like high unemployment and inflation but remained optimistic about achieving sustainable growth through fiscal responsibility and collaborative efforts within the Government of National Unity. 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
Nigeria: Nigeria is emerging as Africa's top fintech market due to factors such as a large young population, high internet and mobile phone penetration, and significant investment activity. The country leads the continent in fintech funding, accounting for 44% of total investments in the first half of 2024. Nigeria's fintech ecosystem benefits from innovative solutions in areas like payments and lending, with notable growth in buy-now-pay-later services. Despite regulatory challenges, the sector continues to attract substantial investments, driving economic growth and digital financial inclusion. Source.
Nigeria: Yellow Card, an African crypto startup, secured $33 million in Series C funding led by Blockchain Capital, with participation from Polychain Capital and others. This funding brings its total equity financing to $85 million and aims to support global expansion, particularly in Africa's digital asset space. The company plans to enhance its API and products for international business access while continuing to foster innovation and expand its regulatory reach across the continent. Source.
Tanzania: Tanzanian fintech company Nala raised $40 million in Series A funding to accelerate its growth and expand its payment services across Africa. The investment, which follows a tenfold revenue increase, will support the development of its own payment infrastructure and the scaling of its Nala Money App and B2B platform, Rafiki API. The company plans to broaden its services beyond remittances and establish a more comprehensive payments ecosystem, while also enhancing financial accessibility across the continent. Source.
South Africa: South African fintech startup Scale has raised $700,000 in pre-seed funding, led by 54 Collective and First Circle Capital, with participation from Sunny Side Venture Partners. The funds will help Scale expedite its expansion into Kenya, Ivory Coast, and Zambia, where it aims to offer payment solutions and modern card-issuing services. Founded in 2023, Scale focuses on enabling card infrastructure and speeding up fintech product launches across the African market. Source.
Dubai: Dubai has paid off Dh47 billion in debt, supported by increased revenues from initial public offerings (IPOs) and the introduction of a 9% corporate tax. The government reduced its debt significantly, with repayments totaling around Dh40 billion in 2022-2023 and Dh7.1 billion in bonds. The emirate's economic recovery post-pandemic has been robust, driven by rapid growth across sectors. Asset monetization, including partial sales of companies like DEWA and Salik, has also contributed to debt reduction efforts. Source.
Israel: Israel's projected GDP growth for 2024 has been revised down by 0.3% due to the economic impact of the ongoing conflict in Gaza. The conflict has worsened economic conditions, leading to significant disruptions in key sectors such as tourism and domestic consumption. The Bank of Israel had previously highlighted that similar conflicts, like the 2014 war, resulted in a comparable GDP loss. The latest downgrade reflects growing uncertainty, capital flight, and reduced investor confidence, with Israel's tech sector facing substantial setbacks and the shekel hitting a seven-year low. Source.
Dubai: The National Bank of Dubai has started implementing blockchain technology to combat financial fraud, specifically in check issuance. The bank registered around one million checks on the "Control Chain" blockchain system during the first month of its rollout. This initiative aims to enhance transparency and security in financial transactions, making NBD the first bank in the region to adopt such technology. Following a successful pilot, the bank plans to extend this service across the UAE. Source.
Saudi Arabia: Saudi-based prop-tech company Ejari has closed a $14.65 million funding round co-led by Alinma Bank and other investors, including Partners for Growth and BECO Capital. The investment, which consists of both debt and equity, will help Ejari expand its "rent now, pay later" services across Saudi Arabia. The company aims to provide more flexible rental payment solutions, catering to the high demand in the market where annual and bi-annual payments are common. Since its launch in 2022, Ejari has generated significant traction across 17 cities. Source.
