Brazil: President Lula's administration is grappling with budget cuts, emphasizing inclusive economic growth despite market pressures. Lula remains confident in overcoming challenges, aiming for policies that benefit a broader population. On climate, Brazil has set ambitious goals to cut greenhouse gas emissions by 59-67% by 2035, aligning with global targets for limiting temperature rise and achieving carbon neutrality by 2050. The government is also gearing up to host the COP30 climate summit in 2025, showcasing its environmental commitment. Meanwhile, reforms to streamline public servant hiring are under review as part of broader government modernization efforts. Source
Mexico: Mexico's Economy Minister, Marcelo Ebrard, has announced that the country is on track to receive a record amount of foreign direct investment (FDI) in 2024. This surge is attributed to significant commitments from major international companies. Notably, Amazon has pledged $6 billion to expand its digital infrastructure in Mexico, and Royal Caribbean plans to invest $1.5 billion in developing a new tourist hub in Mahahual. Additionally, Mexico Pacific is moving forward with a $15 billion liquefied natural gas (LNG) export facility in Sonora. These investments underscore Mexico's growing appeal as a destination for foreign capital, bolstering its economic prospects. Source
Mexico: ATFX has celebrated the grand opening of its new office in Mexico, marking a key milestone in its expansion across Latin America. The event showcased the company’s commitment to the region, featuring a tour of the new office and speeches from senior leadership, including Ergin Erdemir, Head of Latin America, and Chairman Joe Li. They highlighted the importance of Mexico in ATFX’s broader strategy and its dedication to supporting local traders with innovative financial solutions. The Mexico office joins existing locations in Ecuador, Colombia, and Uruguay, further cementing ATFX's presence in the region. With plans for continued investment and growth, the company aims to strengthen relationships with local traders and provide high-quality trading platforms tailored to regional needs. Source
Mexico: Unlimit and Pagaloop have partnered to enhance expense management for Mexican small and medium-sized businesses (SMBs). This collaboration aims to streamline financial operations, providing SMBs with efficient tools to manage expenses and improve cash flow. By integrating Unlimit's extensive payment solutions with Pagaloop's platform, businesses can expect a more seamless and effective financial management experience. Source
Brazil: Nubank, one of the largest digital financial services platforms globally, has reached a major milestone by surpassing 100 million customers in Brazil. This achievement highlights the company's commitment to promoting financial inclusion in the region. Representing 57% of Brazil's adult population, Nubank’s customer base reflects its appeal and ability to provide accessible, user-friendly financial services. The milestone also solidifies its position as a key player in the fintech sector, showcasing its impact on transforming how Brazilians interact with financial products. This growth is part of Nubank's broader mission to revolutionize banking across Latin America. Source
Brazil: Brazilian fintech startup Tako has emerged from stealth mode, securing a substantial seed funding round led by Andreessen Horowitz (a16z) and Ribbit Capital. Founded by former Nubank executive Lucas Gadotti, Tako offers an employee life cycle platform designed to streamline HR processes for companies. The platform aims to enhance efficiency in recruitment, onboarding, and employee management, addressing common challenges faced by businesses in managing their workforce. Source
Argentina: Ualá, a prominent Argentine fintech company, has successfully secured $300 million in a Series E funding round led by Allianz X. This significant investment underscores Ualá's commitment to expanding its financial services across Latin America, aiming to enhance financial inclusion and provide innovative solutions to underserved populations. The funds will be utilized to develop new products, improve existing offerings, and accelerate growth in key markets. 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: India is striving to position itself as a global economic and political power, leveraging consistent GDP growth and a growing international presence. The government has implemented reforms aimed at boosting economic resilience, including infrastructure development, manufacturing incentives, and digital transformation initiatives. Despite these efforts, challenges such as low per capita GDP, income inequality, and corruption persist. Addressing these issues and maintaining a balance between growth and inclusivity will be crucial for India to solidify its position on the global stage. Source
India: FinTech companies in India are reinventing saving for children with digital piggy banks that combine financial education and technology. Apps like Good Good Piggy teach budgeting and goal setting, while Jar facilitates micro-investments in digital gold by rounding up transactions. These tools aim to instill financial literacy and prepare kids for a cashless economy. Source
China: Singapore and China have launched new green finance initiatives to strengthen financial collaboration. The Monetary Authority of Singapore (MAS) and the People's Bank of China (PBOC) established a Green Finance Taskforce to enhance cooperation in green and transition finance. The initiative focuses on developing taxonomies, creating green financial products, and leveraging technology to support Asia’s low-carbon transition. Source
China: Neo Financial, a Calgary-based fintech, has raised $362 million in a Series D funding round, with $112 million in equity and $250 million in debt. The equity was issued at $5 per share, down from $19 per share in the 2022 Series C round, reflecting a significant drop in valuation. Key investors include Shopify’s Tobi Lütke, Thomvest Ventures, Valar Ventures, and new contributors like Stewart Butterfield. Neo Financial continues to disrupt Canada’s financial sector with its cash-back credit card and high-interest savings accounts. Source
Kenya: President William Ruto is seeking consultants to advance his Bottom-Up Economic Transformation Agenda (BETA). The State Department for Economic Planning is recruiting experts in macroeconomics, fiscal policy, and public finance management to strengthen efforts in agriculture, MSMEs, housing, healthcare, and the digital economy. This initiative aligns with Ruto's commitment to achieving inclusive economic growth. Source
Nigeria: Nigeria is set to access a $2.3 billion loan as part of its economic revival plan. The funds are intended to support various sectors, including infrastructure development, healthcare, and education, aiming to stimulate economic growth and improve living standards. This initiative aligns with the government's broader strategy to diversify the economy and reduce reliance on oil revenues. The loan agreement is expected to be finalized in the coming months, with disbursement following shortly thereafter. Source
Nigeria: Carbon, a Nigerian digital bank, is set to resume its card-issuing services after a temporary suspension. The company has partnered with a new card-issuing provider to enhance service reliability and security. This move aims to improve customer experience and expand Carbon's financial product offerings. The resumption of card services is expected to provide users with seamless access to their funds and facilitate transactions both locally and internationally. Source
Nigeria: Moniepoint, Nigeria’s latest fintech unicorn, is seeking a commercial banking license from the Central Bank of Nigeria to expand its services and establish physical branches nationwide. The license will enable the company to offer international transactions, treasury operations, and in-person banking experiences. Moniepoint aims to secure the license by 2025 or 2026, leveraging its agent network to compete with traditional banks, particularly in underserved regions. Source
Kenya: Lendsqr, a Nigerian fintech startup, has expanded into Kenya, introducing an advanced loan processing platform for banks, microfinance institutions, and digital lenders. The platform offers AI-powered loan origination, management, and credit decisioning, aiming to improve efficiency and customer experience. This move aligns with Lendsqr’s goal to support financial institutions across Africa. Source
UAE: Gold prices in the UAE have declined, with 24-carat gold priced at AED 310.50 and 22-carat at AED 287.50 in Dubai. The drop reflects global trends, including a stronger US dollar and reduced expectations for Federal Reserve rate cuts. Despite strong central bank purchases, global gold prices fell 4% this week, marking the worst performance in three years. Analysts attribute the decline to dollar strength and persistent inflation, though long-term prospects remain uncertain. Source
Egypt: Egypt's unemployment rate increased to 6.7% in the third quarter of 2024, up from 6.5% in the previous quarter, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The labor force expanded by 2.5% to 32.218 million, with urban areas accounting for 14.19 million and rural areas 18.028 million. Male participation reached 26.432 million, while female participation was 5.786 million. The total number of unemployed individuals rose to 2.159 million, comprising 1.106 million men and 1.053 million women. Male unemployment remained steady at 4.2%, whereas female unemployment increased to 18.2% from 17.3% in the previous quarter. Source
UAE: PayerMax was recognized as the "Best Payment Service Provider" by MEA Finance during a ceremony in Dubai on November 12, 2024. The award acknowledges PayerMax's contributions to financial technology in the Middle East and Africa. In 2024, the company established its regional headquarters in Riyadh and received PTSP certification from Saudi Payments, enabling operations within Saudi Arabia's financial ecosystem. Partnerships with SAB and Emirates NBD have further supported financial inclusion in the region. PayerMax also earned the "Best Payments and Collections Solution" award earlier this year. Source
Dubai: Pemo, a Dubai-based spend management platform, has secured a $7 million pre-Series A funding round led by Shorooq Partners and Augmentum Fintech. The investment will enhance Pemo's product offerings and support its expansion into the GCC region, including Saudi Arabia. Since its founding in 2022, Pemo has processed $1.4 billion in transactions, providing businesses with corporate cards that offer real-time analytics and AI-driven automated accounting to streamline financial operations. Source
