Brazil: Brazil’s central bank is expected to further tighten monetary policy, with economists forecasting a higher peak for the Selic interest rate. Recently, the bank raised the Selic rate by 25 basis points to 10.75%, aiming to control inflation amid stronger-than-expected economic activity and persistent inflationary pressures. Economists now predict two additional 50 basis-point increases by year-end, potentially bringing the Selic rate to 11.75%. This move comes as inflation rose to 4.42% in September, largely driven by higher electricity and food costs due to drought conditions. The next rate-setting meeting is set for November, where a further hike is anticipated. Source
Mexico: Mexico’s peso has hit a two-year low, dropping to 20.8100 per dollar after Donald Trump’s strong performance in the U.S. presidential race raised concerns in financial markets. The peso fell over 3%, marking one of the sharpest declines among emerging market currencies, reflecting fears of renewed trade barriers and potential renegotiation of the USMCA under a Trump administration. Analysts warn of continued volatility, with projections suggesting the peso may fall further to 22.00 per dollar. The election of Claudia Sheinbaum as Mexico’s president and her upcoming budget announcement have also contributed to peso instability. Source
Mexico: Mexican fintech company Klar plans to go public by 2026, aiming for an annual revenue run rate of $500 million by Q3 2025. Klar serves 2 million active users, providing credit cards and savings accounts tailored to middle-income professionals and college students. With an ambition to reach 10 million users over the next five years, Klar targets Mexico’s underbanked population, where only one-third of adults have formal credit and cash dominates 70% of transactions. This strategy underscores Klar’s commitment to expanding financial accessibility in Mexico. Source
Mexico: Vexi, a Mexican fintech company, is expanding financial inclusion by providing credit cards tailored to underserved middle-class individuals. Traditional banks often exclude people without a credit history or those earning less than $350 monthly, limiting access to financial services. Vexi bridges this gap with innovative technology and personalized risk assessment, enabling access to credit cards for these populations. Their offerings include American Express-branded cards, interest-free installments, cashback, and competitive rates. By offering these services, Vexi helps users build credit histories, supporting future access to larger financial opportunities like mortgages and loans. Source
Brazil: Brazil’s net imports of digital assets surged by 60.7% to reach $12.9 billion from January to September 2024, surpassing the total for all of 2023. This increase is largely driven by stablecoins, which comprised nearly 70% of crypto transactions in Brazil this year, offering a stable alternative due to their peg to real-world assets like the U.S. dollar. Despite a slight monthly decline in September, the overall trend reflects strong growth in digital asset imports. Brazil’s central bank has noted concerns over stablecoins’ potential use in tax evasion and plans to regulate them by 2025. Source
Brazil: Brazilian proptech startup CredAluga has raised $3.9 million in a funding round led by Caravela Capital, with additional participation from Honey Island by 4UM, Norte Ventures, Terracotta Ventures, and FJ Labs. Founded in 2022, CredAluga partners with over 500 real estate agencies in Brazil to provide rental-guarantee solutions. The funding will support technology enhancements, development of financial products, and expansion within Brazil. Co-CEO Daniel Santos stated that the company aims to remove the need for individual guarantors and plans to offer insurance products to improve the rental process for tenants, agencies, and property owners. Source
China: China’s central bank governor, Pan Gongsheng, has pledged to implement supportive monetary policies to strengthen the country’s economic recovery. Pan emphasized the need for maintaining ample liquidity, aiming to align the growth of money supply and social financing with nominal economic growth. He also stressed enhancing financial support for critical sectors, including small and micro enterprises, green development, and technological innovation. This commitment highlights the central bank's proactive approach to addressing economic challenges and promoting sustainable growth. Source
India: Donald Trump’s recent election victory holds significant implications for U.S.-India relations, especially in trade and economic collaboration. In his previous term, Trump imposed tariffs on Indian goods, which led to trade tensions, though he also acknowledged India’s role as a strategic partner against China’s influence in the Indo-Pacific. With his return to office, Trump is expected to maintain a view of India as a key ally, potentially boosting defense and security ties. However, trade issues may persist, particularly around tariffs and market access, requiring India to carefully navigate this evolving relationship. Source
India: The Indian government has ordered fintech and consumer tech companies to stop the unauthorized use of citizens' Permanent Account Numbers (PANs). This directive, led by the Indian Cybercrime Coordination Centre under the Ministry of Home Affairs, aligns with the Digital Personal Data Protection Act, 2023, aimed at strengthening data privacy. Many companies had engaged in "PAN Enrichment," using PAN numbers to create customer profiles and verify data, especially in lending, accessing personal details like names, addresses, and phone numbers. Authorities recently shut down several unauthorized operations linked to this practice. Source
China: OCBC Bank has launched a new service that allows customers to send instant money transfers to WeChat Pay and Alipay users in China, making it the first bank in the Asia Pacific to offer this capability. Through the OCBC mobile app and powered by Visa Direct, transfers now take seconds instead of the previous 2-5 days. Customers can send up to CNY 50,000 daily and CNY 300,000 annually using the recipient's name and mobile number, with no service charges. This move responds to rising remittances from Singapore to China and aims to expand to over 50 digital wallets in various countries by 2026. Source
Ghana: Ghana faces economic challenges, and several solutions have been proposed to support recovery and sustainable growth. Key strategies include implementing sound fiscal policies by prioritizing essential sectors like infrastructure, healthcare, and education to boost productivity and job creation. Supporting local businesses through tax incentives and grants for SMEs can stimulate grassroots economic development. Investing in technology and digital transformation is also emphasized to equip the workforce with modern skills. Additionally, controlling inflation and currency stability through monetary policy can enhance investor confidence, while promoting international trade agreements can diversify the economy and increase resilience. Source
Nigeria: The Independent Media and Policy Initiative (IMPI) has praised President Bola Tinubu's economic reforms, suggesting they are helping Nigeria avoid an economic crisis similar to Venezuela’s. IMPI noted that Nigeria’s past populist policies led to considerable revenue losses, with foreign exchange subsidies costing N13.2 trillion between 2021 and 2023. Tinubu’s reforms, which include eliminating fuel subsidies and unifying multiple foreign exchange rates, aim to stabilize the economy. Although these changes have caused short-term difficulties, IMPI argues they are essential for Nigeria’s long-term economic stability and growth. Source
Nigeria: Moniepoint, formerly known as TeamApt, has become Nigeria’s latest unicorn, surpassing a $1 billion valuation. Founded in 2015 by Tosin Eniolorunda, Moniepoint began by providing back-office payment solutions for banks and later shifted to offering financial services to small and medium-sized enterprises (SMEs). The platform supports SMEs by enabling payment processing, access to working capital loans, and business management tools. Moniepoint’s rapid growth is driven by its focus on serving Nigeria’s underserved businesses, highlighting fintech’s role in fostering financial inclusion and economic development. Source
Kenya: Moniepoint, a Nigerian fintech, recently attained unicorn status with a valuation over $1 billion following a $110 million Series C funding round led by Development Partners International, with support from investors like Google and Verod Capital. The company plans to use this funding to expand its services across Africa, targeting Kenya as its first market. Moniepoint's strategy includes acquiring local fintechs, such as Kenya's Kopo Kopo, to compete in a market dominated by players like M-Pesa. By leveraging its expertise in business banking, Moniepoint aims to serve MSMEs in new markets, addressing key financial service gaps. Source
UAE: In October 2024, non-oil business activity in the UAE accelerated, with the S&P Global UAE Purchasing Managers' Index (PMI) rising to 54.1 from 53.8 in September. This growth was mainly driven by a notable increase in output, reaching a subindex of 61.3, its highest since April, boosted by higher sales. However, new orders grew at their slowest pace since February 2023, with international demand offering some support. Dubai’s non-oil activity saw a decline, with its PMI dropping to 53.2 from 54.1 in September, though business confidence across the UAE improved overall in October. Source
Egypt: IMF Managing Director Kristalina Georgieva has praised Egypt for its economic reforms, particularly the adoption of a flexible exchange rate system led by the Central Bank of Egypt (CBE). During a press conference with Prime Minister Mostafa Madbouly, Georgieva highlighted the IMF’s increased financial program for Egypt, which rose from $3 billion to $8 billion in April, acknowledging the nation’s resilience amid global challenges. She commended Egypt’s commitment to enhancing private sector participation and gradually phasing out subsidies to strengthen economic resilience, expressing confidence in the country’s continued progress. Source
UAE: MEX Global, a subsidiary of MultiBank Group, has launched cash deposit and withdrawal services in the UAE through a partnership with Al Ansari Exchange. This collaboration enables MEX Global’s UAE clients to deposit and withdraw funds at over 260 Al Ansari Exchange branches across the country. The service is available exclusively to users registered through MEX Global, regulated by the Securities and Commodities Authority (SCA). Naser Taher, founder and chairman of MultiBank Group, highlighted that this service aims to improve client experience by offering greater flexibility and accessibility to funds. Source
Egypt: Huawei Cloud hosted Egypt’s first Fintech Summit, themed "Unlock New Growth with Huawei Cloud," to showcase advanced cloud solutions for the country's fintech sector. The event highlighted Huawei Cloud’s KooVerse, a low-latency infrastructure with 33 regions, 93 availability zones, and over 2,800 CDN nodes, essential for efficient payment processing. Huawei also presented its cloud-native database solutions, which offer high performance and scalability for real-time financial services. Security compliance was a focal point, with Huawei Cloud committing to industry standards to ensure transaction and data security. This initiative demonstrates Huawei Cloud’s support for Egypt's fintech growth. Source
