Brazil: Moody's upgraded Brazil's credit rating from Ba2 to Ba1, moving it closer to investment-grade status. This change reflects increased confidence in Brazil’s economic resilience, strengthening the Brazilian real by 1% and lowering interest rate futures. While the upgrade may attract more investment, concerns remain over Brazil's fiscal policies under President Lula, including spending measures and debt levels. Brazil may regain investment-grade status by 2026 if economic improvements continue. Source.
Mexico: Claudia Sheinbaum will take over a Mexican government with strong economic fundamentals but faces challenges in public finance, Pemex's debt, and legal certainty concerns. While Mexico has opportunities in trade and nearshoring, infrastructure and energy issues require private investment. The 2026 review of the USMCA trade deal adds potential complexity to the new administration's challenges. Source
Brazil: Brazilian fintech PicPay is aiming for a potential Nasdaq IPO by 2025, reflecting its rapid growth and expansion in digital payments. The company, which started as a payment app, has diversified into areas like credit cards, digital banking, and e-commerce. PicPay's leadership believes that an IPO will help them scale further, leveraging the growing demand for digital financial services in Brazil. The company also plans to enhance its product offerings as it prepares for the public market. Source
Argentina: Binance has received regulatory approval in Argentina and is planning to expand its operations to 20 additional countries by 2024. This marks a significant milestone in Binance's efforts to enhance its global presence in the cryptocurrency market. The approval will allow Binance to offer a broader range of services in Argentina, including facilitating crypto transactions and financial services. The move aligns with the company's strategy to grow its user base and solidify its position in the global fintech and crypto markets. Source
China: China's Premier Li Qiang emphasized the need for fast implementation of policies to support economic recovery. The government has introduced stimulus measures, including lowering mortgage rates and easing real estate restrictions, to boost domestic demand and help meet the 5% GDP growth target. Li called for immediate coordination and flexibility in adapting policies to current challenges, which has fueled market optimism. Source
India: Prime Minister Narendra Modi is set to address the Kautilya Economic Conclave for the first time from October 4-6, 2024. This annual event, organized by the Institute of Economic Growth and supported by the Ministry of Finance, brings together economists and global experts to discuss pressing macroeconomic challenges. The conclave will be inaugurated by Finance Minister Nirmala Sitharaman and will focus on key global economic issues and policy directions for India. Source
India: India's digital economy is projected to exceed $1 trillion by 2028, according to a recent report. The growth is driven by increasing smartphone penetration, expanding internet usage, and government initiatives such as Digital India and the Unified Payments Interface (UPI). The report highlights that sectors like fintech, e-commerce, and digital services will play significant roles in this expansion, positioning India as a global leader in the digital space. Source
China: China’s financial regulator has introduced a new framework to enhance science and technology insurance. This initiative aims to support innovation by providing tailored insurance products for high-tech industries. The framework is designed to manage risks associated with new technologies and scientific advancements, offering better protection for firms in these sectors. This development is expected to bolster China's technological growth by fostering a more secure environment for startups and established tech companies. Source
India: Indian startups attracted $4 billion in funding during the September quarter of 2024, marking a significant boost in venture capital activity. This influx of capital highlights the growing investor confidence in the Indian startup ecosystem, with sectors like fintech, SaaS, and e-commerce leading the charge. Despite global economic uncertainties, the funding momentum reflects the resilience and innovation present within India’s entrepreneurial landscape. Source
Singapore: Sleek has raised $5 million in debt financing, with its Singapore unit turning profitable. The funds will be used to support its growth plans and expand its suite of services, particularly focusing on small and medium-sized enterprises (SMEs). The profitability of the Singapore division marks a significant milestone for Sleek, which offers digital solutions for company incorporation, accounting, and regulatory compliance across Asia. Source
South Africa: In September 2024, South Africa's business activity accelerated as inflation eased, according to the latest PMI data. The easing of inflation provided much-needed relief, contributing to increased economic momentum. The PMI data suggested an improvement in business conditions and highlighted positive developments for both businesses and consumers. This comes as a sign of economic recovery amidst previous challenges faced by the South African economy. Source
Nigeria: During Nigeria’s 64th Independence Day, President Bola Tinubu reassured citizens that the Economic Stabilization Bill will create jobs and support economic growth. The bill includes reforms aimed at tax restructuring and improving employment opportunities, part of the government's broader economic strategy to boost the nation's financial stability and improve living conditions for Nigerians. Tinubu emphasized the importance of these reforms in driving the country towards recovery and sustainable development. Source
Cote d’Ivoure: Local investors dominated Côte d'Ivoire's recent CFA141 billion debt auction. The auction saw strong participation from domestic financial institutions, highlighting the growing role of local investors in the country’s debt market. The funds raised will be used to support government spending and infrastructure projects, contributing to the country's economic development. This trend reflects a broader movement toward increasing local investment in African economies. Source
Nigeria: The CEO of Credit Direct, Akinwande Nwanze, discussed how the company is assisting Nigerians in overcoming financial challenges. Through personalized financial products and flexible loan options, Credit Direct aims to provide solutions that help customers manage their finances more effectively. The company uses technology to streamline processes and ensure fast access to credit, addressing the needs of individuals facing economic difficulties. Source
Kenya: M-Kopa, a fintech platform providing financing for underbanked individuals in Africa, has reached 5 million customers. This milestone comes after adding 2 million customers in just 15 months. The company's rapid growth highlights its success in offering accessible financing for essential products like smartphones, solar systems, and electric motorbikes. M-Kopa’s pay-as-you-go model is designed to empower low-income households by providing affordable payment solutions and expanding digital inclusion in Africa. Source
South Africa: Scale, a South African startup, has raised $700,000 in pre-seed funding to expand its services. The startup provides fintechs with customizable card-issuing solutions, developed in partnership with Visa and Mastercard, and plans to expand into Kenya, Zambia, and Côte d'Ivoire. The round was led by 54 Collective and First Circle Capital, with participation from other investors. Scale's focus is on supporting fintechs in entering new markets and building new product verticals, while addressing challenges in the card payments industry. Source
Dubai: Dubai Crown Prince Sheikh Hamdan bin Mohammed has approved the Education Strategy 2033 as part of a series of initiatives aimed at transforming Dubai’s sectors over the next decade. The strategy focuses on delivering a world-class education system that emphasizes lifelong learning and preparing students with skills for the future. Other initiatives include a Real Estate Strategy, the Dubai Cashless Strategy, and transport projects, all aligning with the broader Dubai 2033 Plan for economic growth and global leadership. Source
UAE: The UAE Ministry of Economy has launched the National Economic Registry (NER) platform, named "Growth." This platform consolidates business licenses from across the seven emirates, streamlining procedures for establishing and conducting business activities. It aims to enhance transparency, reduce bureaucracy, and support the country's digital transformation efforts. NER will provide information on over 2,000 economic activities, offering critical data for investors, businesses, and government entities. The initiative is a key part of the UAE's drive towards global economic leadership. Source
Dubai: Ripple has received approval to expand its operations in Dubai, signaling the company's continued global growth. The approval allows Ripple to leverage Dubai's favorable regulatory environment for cryptocurrencies and blockchain technology. This expansion is part of Ripple’s strategy to establish a stronger presence in the Middle East and North Africa (MENA) region, where it sees significant potential for growth in digital payments and financial services. Source
UAE: RAKBANK has partnered with Magnati to launch a new SME financing platform in the UAE. This platform aims to provide small and medium-sized enterprises with streamlined access to financing solutions, supporting their growth and development. By leveraging digital solutions and innovative financial technology, the platform is designed to enhance financial inclusion for SMEs, offering them more efficient ways to secure funding and manage their financial needs. Source
UAE: M2P Fintech has successfully secured $101.8 million in funding, bolstering its position in the financial technology space. This funding round is aimed at accelerating the company's growth and expansion across various markets. M2P Fintech, known for providing infrastructure solutions to financial institutions and fintech companies, plans to use the capital to enhance its product offerings and scale its business operations globally. Source
Egypt: Lablabee has raised $3.4 million, while Settle Payments secured $2 million in funding, as part of a significant boost in the Australian startup ecosystem. Additionally, five other companies also raised substantial funds, showcasing a thriving investment environment for startups. These funding rounds will help the companies expand their operations, enhance product offerings, and drive innovation across various industries in Australia. Source
