Brazil: Brazil's central bank has indicated it may raise interest rates if necessary, according to recent meeting minutes. This stance follows a series of aggressive rate hikes aimed at controlling inflation and stabilizing the economy. Economists predict that while the central bank is currently frontloading monetary policy adjustments, it is not rushing towards a neutral stance. Source: Reuters
Mexico: Mexico's inflation in July hit its highest level since March, driven by volatile gasoline and tomato prices. The annual inflation rate rose to 4.81%, slightly above the forecast of 4.80%. This marks the second consecutive month of increasing inflation. Despite this, Mexico's central bank has maintained its benchmark interest rate at 7.75%, with expectations that the impact of gasoline prices will be temporary. Economists predict a potential rate cut by April next year, based on current trends. Source: Reuters
Brazil: Canadian fintech company Nuvei is set to acquire Brazil-based payments platform Pay2All as part of its expansion strategy. This acquisition aims to strengthen Nuvei's presence in the Latin American market, providing a broader range of payment solutions and enhancing its service offerings to merchants in the region. The move highlights Nuvei's commitment to growth and its efforts to tap into emerging markets. Source: Fintech Alliance
Argentina: MercadoLibre is enthusiastic about the payments sector in Mexico and Argentina due to the substantial growth potential in both markets. The company sees significant opportunities in expanding digital payment solutions, driven by the increasing adoption of e-commerce and financial technology. MercadoLibre aims to leverage its strong market presence and technological innovations to enhance payment infrastructure and financial inclusion in these regions, positioning itself as a leader in the Latin American fintech landscape. Source: BNamericas
Mexico:Mexico-based fintech Stori has secured $212 million in a combination of equity and debt financing. This latest funding round, led by GIC, will help Stori expand its credit card offerings to underserved populations in Latin America. The company aims to use the funds to scale its operations, enhance its technological infrastructure, and accelerate customer acquisition. Source: Fintech Futures
Malaysia: The Malaysian ringgit is experiencing its longest winning streak in 14 years, fueled by optimism about the country's economic outlook and increased foreign fund inflows. The currency rose 1.6% against the dollar, marking its 10th consecutive day of gains. Government policies aimed at boosting foreign investments and reducing the budget deficit have attracted $112 million into local stocks this year. Analysts predict further strengthening of the ringgit due to these bold fiscal reforms and strong economic growth. Source: Yahoo News
India: India's markets have experienced a significant plunge as global recession fears intensify. Concerns about a potential economic slowdown worldwide have led to a sharp sell-off in Indian stocks, reflecting investor anxiety. The downturn underscores the vulnerability of emerging markets to global economic shifts, with investors closely monitoring economic indicators and central bank policies for signs of stability. Source: Finimize
India: The Global Fintech Fest is returning for its fifth edition. This event brings together industry leaders, policymakers, and innovators to discuss the latest trends, challenges, and opportunities in the fintech sector. The fest aims to foster collaboration and highlight advancements in financial technology, with a focus on driving financial inclusion and digital transformation globally. Source: Times of India
Singapore: KPMG Singapore reports that fintech deal activity has increased in the first half of 2024 despite a decline in overall investments. This trend reflects strategic consolidations and partnerships as fintech companies seek to navigate economic uncertainties and regulatory challenges. The report highlights a shift towards sustainable and impactful investments within the fintech sector, aiming to drive innovation and financial inclusion. Source: TechNode Global
India: BharatPe has secured funding from Trifecta Capital and InnoVen Capital to enhance its growth. The funds will support BharatPe's expansion plans and development of new financial products. BharatPe, a leading fintech company in India, offers a range of services including merchant payments, lending, and investment products, aiming to empower small businesses across the country. Source: Business Outreach
Nigeria: Recent protests in Nigeria reflect growing public frustration over economic hardship, ineffective governance, and a lack of opportunities. President Bola Tinubu's recent speech failed to deliver specific solutions, further disappointing citizens. The 2024 budget has been criticized for excessive spending on government officials, while failing to address economic crises. Comparisons have been made to Argentina's austerity measures, highlighting the need for transparent and effective reforms in Nigeria to manage oil revenues and tackle food inflation. Source: BusinessDay
Kenya: Young Africans in Kenya, Nigeria, and Uganda are protesting against economic struggles, including high unemployment rates and ineffective governance. These protests highlight a deep-seated frustration among the youth who feel abandoned by their leaders. The economic challenges, exacerbated by corruption and mismanagement, have eroded trust in the government and fueled widespread discontent. Young people demand concrete actions and reforms to improve job opportunities and economic conditions. Source: The Guardian
Nigeria: Stakeholders in Nigeria are emphasizing collaboration to enhance financial and economic inclusion. During a policy dialogue in Washington, D.C., Tosin Eniolorunda, CEO of Moniepoint Inc., highlighted the need for public-private partnerships to build trust and adopt innovative fintech solutions. The event discussed regulatory, security, and trust issues affecting the fintech ecosystem. Nigeria's Vice President, Kashim Shettima, stressed the urgency of financial innovation to drive inclusion. Moniepoint also awarded seed funding to Nigerian entrepreneurs to support SME growth. Source: BusinessDay NG
South Africa: Fintech solutions are transforming South Africa's township businesses by reducing transaction costs, improving financial inclusion, and enhancing safety. Companies like Kazang are making it easier for informal merchants to accept card payments, which decreases cash handling risks and opens access to financial services. This shift from cash to card payments supports economic growth and formalization of the township economy, benefiting both merchants and consumers. Source: Alex Reporter
Zambia: Sabipay Technologies, a subsidiary of Pesapal Limited, has received a payments system business license from the Bank of Zambia. This development allows Sabipay to offer a comprehensive range of payment solutions, including online, in-store mobile money, and card payments. This move aims to enhance the efficiency and inclusiveness of Zambia's electronic payments ecosystem, supporting businesses of all sizes. Pesapal plans to connect a million African enterprises and customers to electronic payments and e-commerce by 2030. Source: ITWeb Africa
Egypt: Egypt-based B2B e-commerce platform Cartona has raised $8.1 million in its latest funding round. The funds will be used to expand its operations and enhance its technological infrastructure. Cartona connects retailers with suppliers via an app, streamlining the supply chain process and improving efficiency for businesses in Egypt. Source: Arabian Business
Kenya: Financial Sector Deepening (FSD) Africa is launching a Sh39 billion ($300 million) debt fund aimed at micro, small, and medium-sized enterprises (MSMEs) in East Africa. The fund, which will be domiciled in Kenya and regulated by the Capital Markets Authority, seeks to raise $100 million initially. The fund will provide capital through direct and indirect investments, offering local institutional investors a chance to diversify their portfolios and support MSMEs, thereby fostering economic growth and job creation in the region. Source: Business Daily
South Africa: Maia Capital Partners has successfully closed its inaugural Debt Impact Fund, raising over R1 billion (approximately $54 million) from South African pension funds. The fund aims to deliver competitive financial returns while achieving positive social and environmental impacts. Founded in June 2020, Maia Capital Partners brings together a team with extensive experience in private equity, infrastructure, and impact investing. This milestone underscores the growing demand for investments that combine financial returns with meaningful societal benefits. Source: Africa Private Equity News
Egypt: Lucky One has secured $3 million in funding to expand its operations. The investment will enable the fintech startup to scale its innovative solutions for financial inclusion, targeting underserved markets in Africa. Lucky One plans to enhance its product offerings and reach more customers, leveraging technology to provide accessible and affordable financial services. Source: Benjamin Dada
UAE: UAE stocks have declined due to escalating regional tensions and concerns over the US economic outlook. The drop reflects investor anxiety about potential conflicts and economic instability, which are impacting markets across the region. The situation underscores the interconnectedness of geopolitical events and economic health, affecting market performance globally. Source: Reuters Israel: Israel's stocks experienced a sharp decline due to a global market selloff and rising tensions with Iran. The market reaction reflects investor concerns over potential geopolitical conflicts and their impact on economic stability. This decline is part of a broader trend affecting global markets, highlighting the sensitivity of financial markets to international tensions and economic uncertainties. Source: Economic Times
Israel: Pagaya Technologies, a US-Israeli fintech firm, is set to acquire Silicon Valley's Theorem Technology for an undisclosed sum. This strategic acquisition aims to integrate Theorem’s institutional fund management and machine learning capabilities with Pagaya’s AI-driven consumer credit and real estate solutions. The deal is expected to close in Q4 2024, enhancing Pagaya's fund management business and diversifying its funding sources. Theorem currently manages over $1.7 billion for various institutional clients. Source: FinTech Futures
UAE: Ripple has announced a major partnership with the DIFC Innovation Hub in the UAE to boost blockchain innovation and expand into the region's growing crypto market. This collaboration aims to support early-stage blockchain companies and integrate blockchain technology with traditional institutions. Ripple has pledged $1 billion in XRP to fund developers on the XRP Ledger, driving broader adoption. This move is part of Ripple's strategy to enhance its global presence and leverage the UAE's progressive fintech environment. Source: Coinpedia
Dubai: Dubai-based fintech company Mamo has raised $4.3 million in new funding to support small and medium-sized enterprises (SMEs) in the UAE. Founded in 2019, Mamo offers payment collection, corporate cards, and expense management services. The new capital will expand Mamo's SME product offerings and support regional growth. CEO Imad Gharazeddine highlighted the significant demand for SME payments due to their frequency and volume, making this a critical area for the company's focus. Source: PYMNTS
