Mexico: Mexico's inflation accelerated more than expected in early June 2024, with consumer prices rising 7.88% year-over-year, surpassing economists' median forecast of 7.73%. This rise has increased expectations that the central bank (Banxico) may continue with aggressive interest rate hikes to combat inflation, maintaining its policy rate at 11.25%. Core inflation also remained high at 7.47%, above the predicted 7.32% (source).
Brazil: Brazil's financial market kept its 2024 economic growth forecast nearly unchanged at 2.09%, despite the Central Bank's pause in monetary easing. The Selic interest rate remains at 10.50%, expected to decline to 9.50% next year. Inflation forecasts rose slightly to 3.98% for 2024 and 3.85% for 2025. The Brazilian real is expected to trade at 5.15 per U.S. dollar by year-end. Trade surplus and foreign direct investment projections are strong, with a $81.78 billion surplus and $70 billion investment forecast for 2024. (source).
Colombia: Columbia University's economist Glenn Hubbard suggests that average people's concerns about inflation may be more accurate than experts think. Hubbard emphasizes that everyday experiences with price changes can provide valuable insights into inflation trends, which may sometimes be overlooked by traditional economic models and forecasts. This perspective highlights the importance of considering grassroots observations in economic policy discussions.(source)
Brazil: Brazilian fintech company PicPay is collaborating with Citigroup to prepare for an initial public offering (IPO) in the United States. The move aims to leverage the U.S. financial markets to support PicPay's growth and expansion strategies. The IPO is expected to attract significant investor interest, given PicPay's prominence in the Brazilian financial technology sector and its innovative digital payment solutions. (source)
Chile: The Chile Fintech Summit will take place on August 30, 2024, in Santiago, Chile. The event will feature global speakers and partners focused on enhancing entrepreneurial and business ecosystems in emerging markets. It is part of a 12-year initiative by the Global Startup Ecosystem to accelerate tech, innovation, and economic development. (source)
Brazil: Swiss and Brazilian asset managers have launched a joint corporate credit fund aimed at providing financing to mid-sized companies in Latin America. This fund, which is expected to attract significant interest from investors, leverages the expertise of both Swiss and Brazilian financial institutions to offer tailored credit solutions. The collaboration seeks to address the financing gap in the region and support economic growth by enabling businesses to access much-needed capital. (source)
Equity Raises
Brazil: Digio, a digital financial services platform, has received funding from various investors to support its growth and development. Specific details about the amount and rounds of funding, as well as the identities of the investors, can be found on Tracxn's website. (source)
Singapore: OCBC maintains a positive outlook on the Singapore market, citing steady economic growth. The bank expects robust performance in sectors such as banking, real estate, and consumer goods, driven by strong domestic demand and supportive government policies. OCBC analysts highlight Singapore's strategic position and resilient economy as key factors underpinning their optimism. They also note that the market's valuation remains attractive for investors looking for stable returns. (source)
India: The stock market highlights for June 25, 2024, reflect significant movements in various indices and major stocks. Key market indicators, trading volumes, and top gainers and losers are analyzed. Factors influencing market trends, such as economic data, corporate earnings, and global events, are discussed. The overall market sentiment and predictions for future trends are also provided. (source)
Thailand: The Thai economy is expected to grow in the second half of 2024, according to the minutes of the Bank of Thailand's June 12 monetary policy meeting. The central bank held the policy rate steady at 2.50%, with a focus on managing inflation and supporting economic growth. The committee noted a "K-shaped" recovery, with different sectors recovering at varying rates. The central bank forecasts 2.6% growth for this year and 3% for next year, with inflation expected to return to the target range in the fourth quarter. (source).
India: India's fintech sector is looking to the Union Budget 2024 for regulatory clarity and growth incentives. Key requests include streamlined regulations to foster innovation, enhanced access to capital for startups, and tax incentives to encourage investments. The sector also seeks support for digital infrastructure development and measures to boost financial inclusion. These steps are expected to drive the fintech industry's growth and integrate more Indians into the formal financial system. (source)
India: The article on The CapTable discusses growing concerns in the private credit market. It highlights issues such as rising default rates, the impact of economic uncertainties, and the increasing scrutiny from regulators. The piece also examines how these challenges could affect investors and the broader financial landscape, suggesting a need for caution and strategic adjustments in private credit investments. (source)
Debt Raises:
Singapore: Atome Financial has secured a debt facility of up to $100 million, including support from EvolutionX, a platform jointly established by DBS and Temasek. The funds will help Atome Financial expand its services across Southeast Asia, launching new products such as savings, insurance, and debit cards in countries like Singapore, Malaysia, the Philippines, and Indonesia. This marks EvolutionX's first fintech investment in Southeast Asia, aiming to enhance financial inclusion in underserved markets. (source)
Nigeria: Nigeria is facing its worst economic crisis in a generation, marked by severe inflation, rising unemployment, and a depreciating currency. The crisis is exacerbated by declining oil revenues, corruption, and inadequate infrastructure. The government is implementing austerity measures and seeking international assistance to stabilize the economy. Social unrest is growing as citizens grapple with increased living costs and reduced access to essential services. (source).
South Africa: Investors are cautiously optimistic about South Africa's new unity government, which combines the African National Congress (ANC) and the Democratic Alliance (DA). They believe this coalition could lead to more liberal economic policies and growth-friendly reforms, despite potential ideological conflicts. The new government, led by President Cyril Ramaphosa, aims to focus on economic growth, job creation, and infrastructure development. Financial markets have responded positively, with a surge in banking indexes and the rand strengthening. (source).
Nigeria: The article on PM News Nigeria discusses strategies to position Nigeria as a leader in the fintech revolution. It emphasizes the need for regulatory clarity, investment in digital infrastructure, and fostering innovation through supportive policies. Key areas include improving financial inclusion, enhancing cybersecurity, and leveraging blockchain technology. The article highlights the importance of collaboration between government, private sector, and international partners to drive sustainable growth in Nigeria's fintech industry. (source).
Nigeria: TLG Capital and Wema Bank have launched a $10 million climate investment deal in Nigeria. This innovative partnership aims to support climate-focused projects, promoting sustainability and economic growth. The deal emphasizes renewable energy and eco-friendly initiatives, demonstrating a commitment to addressing climate change through strategic investments. (source)
Debt Raises
South Africa: Yes Bank's board is set to consider a fundraising initiative through debt on June 28, 2024. This move is part of the bank's strategy to enhance its capital base and support growth plans. The decision will be discussed during the upcoming board meeting. The fundraising is expected to bolster the bank’s financial position and provide the necessary capital to meet regulatory requirements and expand its operations. (source)
Saudi Arabia: Saudi Arabia's Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim, emphasized the Kingdom's commitment to accelerating economic diversification under Vision 2030 during a forum at the World Economic Forum's Annual Meeting in Dalian, China. Highlighting significant non-oil sector growth, he noted that non-oil activities now contribute 51% to Saudi Arabia's GDP. The minister also stressed the importance of international cooperation, innovation, and comprehensive solutions to address global economic challenges. (source).
Israel: Despite concerns, investors are not bailing out of Israel. Data shows that foreign direct investment (FDI) and venture capital activity remain strong. The tech sector, in particular, continues to attract significant investments. While there are political and security challenges, the overall investment climate is stable, and key economic indicators suggest continued confidence in Israel's market potential. (source).
Saudi Arabi: The Saudi Central Bank (SAMA) is developing an open banking framework to boost financial innovation and inclusion. The initiative aims to facilitate secure data sharing between banks and fintechs, enhancing customer experiences and financial services. SAMA's open banking policy will also support the Kingdom's Vision 2030 goals by promoting digital transformation and economic diversification. (source)
Abu Dhabi: Shorooq Partners has launched a $100 million private credit fund aimed at lending to startups and medium-sized companies in the Gulf region. The fund will provide loans up to $10 million, targeting businesses with tangible assets or strong recurring cashflows. This initiative seeks to fill the credit gap for companies that typically do not qualify for bank loans. The fund is expected to deliver a net internal rate of return of 12-13%, with investment and amortization periods spanning two to three years.(source)
Debt Raises
Abu Dhabi: Jain Global has successfully raised US$53 billion in a significant funding round. This latest round of investment includes substantial financial backing from entities based in Abu Dhabi. The infusion of capital is expected to bolster Jain Global's strategic initiatives, potentially expanding their market reach and accelerating growth in key business areas. This development marks a critical milestone for the company, highlighting investor confidence and the growing importance of global financial partnerships. (source)
