Brazil: In Brazil, President Lula's administration faces substantial hurdles in implementing tax reforms aimed at reducing the burden on basic necessities. These efforts have met with fierce resistance from advocates of neoliberal policies, who label the government's actions as economic terrorism. Additionally, the fluctuating value of the dollar further complicates Brazil's economic policies and its stance in the global economy. The conflict underscores deep divisions over the country's fiscal direction and the influence of international market forces. Source.
Chile: LarrainVial Asset Management held a seminar in Santiago, discussing Chile's economic challenges and potential recovery strategies. Key topics included the need for improved income distribution, investment, and education to spur growth. Economists highlighted the decline in Chile's economic momentum since 2014, pointing to institutional deterioration and increased anxiety among the population. The seminar emphasized the importance of equitable economic policies, enhanced labor participation, and addressing productivity issues to foster sustainable growth. Source
Mexico: The Mexican Peso showed mixed trading behavior amid volatility in major counterpart currencies. Influences include fluctuations in the US Dollar and global market uncertainties. Such volatility affects currency stability and investor confidence, reflecting broader economic conditions and potential impacts on trade and investment strategies. Source
Brazil: OpenPayd has integrated Brazil's PIX payment system to enable real-time transactions across the country. This collaboration enhances financial operations by providing businesses and consumers with instant payment capabilities, which is pivotal for modern financial transactions in Brazil’s evolving market. The integration aids in managing cash flows, reducing transaction times, and improving customer satisfaction, thereby driving financial inclusion by making efficient payments accessible to broader segments of the population. Source.
Chile: Chile's financial sector is poised for transformation with the implementation of the Open Finance System (OFS) under the Fintech Act 2023. Announced by the Chilean Financial Market Commission (CMF), this new regulation aims to foster competition, innovation, and financial inclusion by allowing secure sharing of financial data. This framework is expected to benefit small businesses, consumers, and new financial entities by providing more competitive financial products and services, enhancing access to capital, and promoting a dynamic financial landscape. Source
Mexico: Mexican FinTech company OCN has successfully raised $86 million in a Series A funding round, consisting of both equity and debt components. This funding round saw participation from notable investors such as Caravela Capital, Collide Capital, and Great North Ventures, with debt financing provided by i80 Group. The funds will be used to bolster OCN's strategic expansion in the Americas, focusing on serving gig economy workers who often lack access to traditional financial services. Source
Argentina: Argentine FinTech company Tapi has raised $22 million to support its expansion into Mexico. This funding will help Tapi enhance its digital payment infrastructure, aiming to reach a significant portion of Mexico's banked population within the next year. The company, which integrates digital wallets and APIs, is focusing on partnering with the fastest-growing FinTechs to transform cash transactions into digital formats across Latin America. Source
Mexico: Caliza, founded by Ezra Kebrab, has raised $8.5 million for its platform enabling real-time, cross-border payments in Latin America using USDC. This avoids traditional SWIFT systems, speeding up transactions for businesses and individuals. The company plans to expand to Mexico and double its Brazil team. The new funding, led by Initialized, follows a prior $5.3 million round. Caliza aims to provide stable liquidity amid currency volatility in regions like Latin America and potentially Africa. Source
Mexico: Alta Growth Capital has invested in Corcimex, a company based in Mexico, while Gramercy has extended an $80 million credit facility for Mexico and Brazil’s Merama. This strategic financial move is aimed at enhancing the growth and expansion of these businesses in their respective markets. Source.
Singapore: Singapore's economic outlook for 2024 has improved, with DBS Group Research raising its GDP growth forecast to 2.7% due to strong first-half performance and expectations for a sustained expansion in the second half. This growth is supported by manufacturing, particularly electronics, and external-oriented services, despite potential global risks such as supply chain disruptions and U.S. interest rate changes. Source
India: The IMF has increased its GDP growth forecast for India for the fiscal year 2024-25 to 7%, citing improved private consumption, especially in rural areas. Meanwhile, it lowered growth predictions for the US amid a subdued global economic outlook, maintaining its global growth forecast at 3.2% for 2024. The revised forecasts reflect various global economic challenges, including high inflation and potential policy shifts during an election-heavy year. Source
Thailand: Thailand's Prime Minister Srettha Thavisin has announced a digital cash handout program, where eligible businesses and individuals can register from August. This $13.8 billion initiative aims to distribute 10,000 baht (approximately $275) to 50 million citizens to stimulate economic growth amid a sluggish economy. Critics argue it's an inefficient economic stimulus, and its funding has been contentious, leading to budget adjustments. The program excludes certain goods and past fraud offenders. Source
India: TechFini, a fintech startup, has received approval from the National Payments Corporation of India (NPCI) to operate as a Unified Payments Interface (UPI) provider. This authorization allows TechFini to join the competitive market of UPI transactions, facilitating real-time payment capabilities across India. The move is expected to expand their services and reach in the growing digital payment landscape. Source
India: In the first half of 2024, funding for India's fintech sector decreased significantly, with total investments amounting to USD 795 million, marking an 11% and 57% drop compared to the latter half of 2023 and the first half of 2023, respectively. This downturn, described in the Tracxn FinTech Report, reflects global economic challenges and geopolitical uncertainties. Bengaluru led in funding, followed by Mumbai and Pune, with significant rounds including Avanse's USD 120 Million Series C and Credit Saison's USD 144 Million Series D. Source
India: Care.fi, a healthcare-focused fintech startup, has raised $2.6 million. Of this, $2 million is debt capital from Trifecta Capital and the rest, $0.6 million, from UC Inclusive Credit. Based in Gurugram, Care.fi provides financial solutions to the healthcare sector and is licensed as an NBFC. The funds will be used for business expansion and team strengthening. Source
Nigeria: In June 2024, Nigeria's inflation rate increased to 34.19%, rising from 33.95% in May. This marks an 11.40 percentage point increase compared to June 2023. The report highlights significant year-on-year food inflation at 40.87% and core inflation at 27.40%. Urban inflation rates are notably higher than rural rates. The highest state inflation was reported in Bauchi at 43.95%. This escalation in inflation reflects growing economic pressures across various sectors. Source
Kenya: Recent political unrest and fiscal challenges in Kenya have raised the risks of sovereign default. President Ruto's dismissal of the cabinet amidst efforts to stabilize the country's finances points to increasing difficulties in managing public debt, which could lead to heightened default risks. The situation remains precarious, with potential for further complications if IMF support wavers. Source
South Africa: Following South Africa's most competitive elections to date, the nation now has a coalition government comprising ideologically diverse parties. This coalition must navigate complex social, economic, and foreign policy challenges, balancing internal governance with international relations. The new government's effectiveness in addressing issues like unemployment and economic inequality amid shifting global alliances will be critical. Source
Nigeria: Oluseye Soyede-Johnson, Head of Strategic Partnerships and Innovation at Bvndle, emphasized the importance of prioritizing customer satisfaction for fintechs to achieve sustained success. Speaking at the Lagos Start-Up Week, he highlighted the necessity of a customer-centric approach in the fintech industry. Bvndle, a data-driven loyalty platform, aims to empower businesses and customers to maximize value, reflecting the broader potential of fintech in sectors like healthcare and mobile payments. Source
Kenya: Patrick Njoroge, former governor of the Central Bank of Kenya, emphasized that fintech operators must achieve world-class standards to scale globally. Speaking at BusinessDay’s Fintech event, he stressed the need for accountability in fintech offerings and the importance of regulatory compliance to foster innovation and ensure consumer protection. Njoroge highlighted the need for fintechs to focus on genuine customer success over merely raising funds or achieving unicorn status. Source
Nigeria: In Nigeria, a significant increase in banks' credit to the private sector, up by 65.94% in one year, has been reported due to high demand for financial facilities amid rising costs of goods and services. This growth is evident as companies and individuals require more funds to cope with inflation and higher prices, affecting sectors such as automotive and importation due to fluctuating exchange rates. Source
South Africa: TymeBank, a leading digital bank in South Africa, has raised $77.8 million in a pre-Series C funding round. This investment round was co-led by Norrsken22 and Blue Earth Capital, with participation from existing investor Tencent. The funds will support TymeBank's expansion plans, particularly into Southeast Asia, capitalizing on its success in serving unbanked and underbanked populations. Source
Nigeria: Nigerian fintech startups have regained their leading position in funding, raising $140 million in the first half of 2024. This achievement places Nigeria ahead of Kenya, Egypt, and South Africa in fintech funding across Africa. The funding landscape, however, shows a broader decline, with total fintech funding in Africa dropping significantly compared to previous years. The report highlights the importance of venture capitalists and private equity firms reevaluating their investment strategies due to global economic uncertainties. Source
South Africa: The South African travel-focused fintech, TurnStay, has secured $300K from Silicon Valley and New York-based investors. This funding will be used to expand the business into Africa and improve services for merchants and platforms in the travel and tourism sector. Source
Tanzania: Nala, a Tanzanian fintech, raised $40 million to expand its B2B payments and remittance services, marking a significant scale-up following a previous $10 million seed round. This funding will enhance its global reach, aiming to serve markets in Asia and Latin America, reinforcing its infrastructure for reliable, low-cost payments. The focus remains on broadening its financial services to support various global entities in making efficient cross-border payments. Source
Dubai: Dubai's stock market continued its rally for the third consecutive session, driven by strong oil prices and expectations of a US rate cut. Key movers included Emirates NBD Bank and Emaar Properties. Abu Dhabi's market, however, saw a slight decline. The rise in oil prices, coupled with easing inflation in the US, has bolstered investor confidence. Additionally, Fertiglobe's tender win to supply green ammonia to Germany highlights a shift towards sustainable energy. Source
Saudi Arabia: The International Monetary Fund (IMF) has significantly lowered its growth forecast for Saudi Arabia, citing the kingdom's decision to reduce oil production. The IMF now projects a 1.7% GDP increase for 2024, down from the previous estimate of 2.6%. This reduction is attributed to the extended crude output cuts by Saudi Arabia and other OPEC+ members, which have impacted oil prices and, consequently, the kingdom's revenues. The IMF also adjusted its growth estimate for 2025 to 4.7% from 6%. Source
Saudi Arabia: The Saudi Central Bank (SAMA) has launched Naqd, a digital banking services platform aimed at government agencies. This platform allows agencies to securely access their accounts, conduct transactions, manage account information, and monitor transactions in real time. The initiative aligns with Saudi Arabia's Vision 2030, promoting digitalization and enhancing efficiency in financial operations. SAMA continues to support fintech growth through various initiatives, including regulatory frameworks for Open Banking and Buy Now, Pay Later (BNPL) services. Source
Egypt: Dopay, a fintech startup, has secured $13.5 million in an extension to its Series A funding round. This funding, led by Argentem Creek Partners, will help expand dopay's digital payroll platform in emerging markets, starting with Egypt. Dopay aims to transform cash-based economies by digitizing payments and promoting financial inclusion for unbanked and underbanked workers. The company plans to use the funds to enhance its platform, launch new financial services, and expand into additional markets. Source
