Brazil: Brazil faces significant development challenges, including infrastructure deficits, low educational outcomes, and persistent social inequalities. Infrastructure investments remain at 1.7% of GDP, far below the 4.3% needed to improve economic and social outcomes. Education struggles with high dropout rates and outdated curricula, while economic competitiveness is hindered by bureaucracy and high operational costs, known as the "Brazil cost." Despite recent gains in reducing extreme poverty, regional and demographic inequalities persist. Tackling these bottlenecks is vital for Brazil's sustainable growth and competitiveness. Source
Mexico: The Mexican Peso is stabilizing as markets anticipate upcoming GDP and inflation data releases. Analysts expect the GDP report to indicate a 1.5% growth rate, reflecting a deceleration from previous quarters. Inflation figures are projected to show a slight uptick, potentially influencing the Bank of Mexico's monetary policy decisions. The Peso's performance remains sensitive to these economic indicators, with potential implications for interest rates and investor sentiment. Source
Argentina: A year into President Javier Milei's administration, Argentina has seen growing investor confidence due to economic reforms. Milei's government achieved ten consecutive months of primary fiscal surplus and raised $18 billion through a tax amnesty program. These measures have driven gains in Argentine stocks and bonds, boosting investor sentiment. Additionally, potential strengthened ties with the U.S. under President-elect Donald Trump could aid Argentina in its IMF negotiations, further stabilizing its economic outlook. Source
Argentina: Argentine fintech company Ualá has secured $300 million in a funding round led by Allianz X, the digital investment unit of Allianz SE, elevating its valuation to $2.75 billion. This capital infusion aims to enhance Ualá's financial services offerings and support its expansion across Latin America. Founded in 2017, Ualá provides a range of financial products, including prepaid cards, personal loans, and investment options, to promote financial inclusion in the region. The company plans to utilize the new funds to broaden its product suite and strengthen its presence in existing markets, with a focus on achieving profitability and exploring potential public listing opportunities in the future. Source
Brazil: Webrock's fintech company, Lara, has partnered with a major dental chain in Brazil to increase financial accessibility for dental services. The collaboration will provide patients with flexible payment options, enhancing affordability and expanding access to dental care. This partnership underscores the growing role of fintech solutions in Brazil's healthcare sector, aiming to make essential services more inclusive. Source
Brazil: Brazilian fintech company Nubank is considering relocating its legal domicile to the United Kingdom, a move that would align with the UK's efforts to attract more technology firms. While Nubank's corporate headquarters would remain in Brazil, shifting its legal base to the UK could enhance its global operations and regulatory alignment. This potential change is part of broader discussions between Brazil and the UK aimed at strengthening bilateral relations in the tech sector. Nubank has stated that no final decision has been made, and any developments will be communicated transparently in accordance with standard protocols. Source
Brazil: Brazilian law firm Eroles Advogados has expanded its partnership, appointing Rafael Lima and Jeremy Feigelson as new partners. Rafael Lima brings expertise in corporate law, mergers and acquisitions, and private equity, while Jeremy Feigelson, formerly of Debevoise & Plimpton LLP, specializes in litigation, cybersecurity, data privacy, and intellectual property. This strategic move aims to strengthen the firm's offerings and its position in Brazil's legal market. Source
Mexico: Mexican compensation and benefits platform Minu has raised $30 million in a Series B funding round led by QED Investors, with participation from new and existing investors including Next Billion Capital Partners, Flourish Ventures, and FinTech Collective. The funds will be used to expand Minu's geographic presence in Mexico and enhance its wellness offerings, which include on-demand salary access, high-yield savings, and financial education. Minu serves over 2,000 companies and aims to improve employee retention while approaching profitability. Source
China: Chinese government advisers have recommended setting a 2025 economic growth target of around 5% and implementing stronger fiscal stimulus measures. This strategy aims to sustain growth despite challenges such as the impact of higher U.S. tariffs on Chinese exports. Key proposals include boosting domestic demand, adopting flexible budget deficits, and increasing infrastructure investments. These recommendations will be discussed at the upcoming Central Economic Work Conference, shaping future economic policies. Critics, however, warn against over-reliance on stimulus and advocate for structural reforms to ensure long-term sustainability. Source
India: India's business activity reached a three-month high in November, driven by strong growth in the services sector and record job creation. The Composite Purchasing Managers' Index (PMI) rose to 59.5, marking 40 consecutive months of expansion, with the services PMI climbing to 59.2, its highest since August. While manufacturing PMI slightly declined to 57.3, overall domestic and overseas demand remained robust. Employment grew at the fastest rate since December 2005, reflecting economic health and strong consumer spending. However, rising input costs and inflationary pressures may influence the Reserve Bank of India's interest rate decisions. Source
India: The Reserve Bank of India (RBI) is advancing cross-border payment linkages with countries like the UAE and neighboring nations, building on existing partnerships with Sri Lanka, Bhutan, and Nepal. The RBI is also collaborating with Southeast Asian central banks to create a platform for instant cross-border transactions. Additionally, India is exploring a central bank digital currency (CBDC) to reduce costs in trade settlements and remittances, although further evaluation is needed for a full-scale rollout. Source
China: Chinese fintech unicorn XTransfer is expanding its B2B cross-border payment services into Southeast Asia, aiming to support SMEs in international trade. The company has received in-principle approval for a Major Payment Institution license in Singapore and is seeking licenses in the Netherlands and Dubai. This expansion focuses on providing fast and efficient payment solutions for SMEs, leveraging XTransfer's success in China to enable greater global trade participation. Source
India: Indian FinTech startup PeLocal has raised $2 million in seed funding, led by Unicorn India Ventures. PeLocal integrates payment solutions into WhatsApp, enabling seamless transactions directly through the platform. The funds will be used to strengthen its technology infrastructure, expand its user base, and launch new financial services. This funding highlights the trend of embedding financial services in communication platforms to enhance accessibility and convenience for users. Source
India: Indian fintech startup CredFlow has raised $37 million in a pre-Series funding round led by QED Investors, with participation from existing investors Stellaris Venture Partners and Omidyar Network India. CredFlow provides a cash flow management platform for SMEs, offering services like invoice management, payment reminders, and credit access. The funding will be used to advance product development, grow its customer base, and enhance technological infrastructure. This investment highlights the increasing demand for SME-focused financial solutions in India. Source
Kenya: Kenya's untapped mineral wealth, including significant coltan deposits discovered in six counties such as Turkana, offers a transformative economic opportunity. Coltan, vital for electronic device manufacturing, could position Kenya as a key player in the global tech supply chain. Realizing this potential will require robust mining regulations, investment attraction, and sustainable practices to benefit local communities. Developing the mining sector could diversify Kenya's economy, reduce reliance on agriculture and tourism, and drive job creation and infrastructure growth. Source
Nigeria: A report by the International Monetary Fund (IMF) reveals that Nigeria's recent economic reforms have yet to yield the desired outcomes, despite being implemented 18 months ago. The IMF projects Nigeria's economic growth rate for 2024 at 3.19%, below the sub-Saharan Africa average of 3.6%. The country also struggles with persistently high inflation, unlike some regional counterparts that have successfully lowered inflation rates to target levels. Source
South Africa: South African fintech Mama Money has launched a WhatsApp-powered banking solution in partnership with Pick n Pay and Access Bank. The solution integrates a bank card with WhatsApp, enabling users to perform banking activities like purchasing airtime, depositing cash, checking balances, and making payments. The card supports online and in-store purchases, ATM withdrawals, and international money transfers to over 70 countries. Customers can register through the Mama Money app and collect their card at select Pick n Pay branches for R99, with a monthly fee of R25 (waived for November sign-ups). This initiative aims to promote financial inclusion by addressing barriers such as high fees and limited access to traditional banking. Source
Nigeria: FirstBank Group has awarded N29.5 million to 10 Nigerian fintech startups during its Fintech Summit 6.0, themed "Banking on Partnerships." The grand prize of N10 million was won by NearSwipe Limited, which provides NFC smart ID cards integrated with payment solutions for university students. The summit, held in Lagos, featured 147 applicants, with 10 selected for their contributions to financial inclusion and economic development. FirstBank's CEO, Olusegun Alebiosu, emphasized the role of partnerships in driving financial innovation and change. Source
UAE: Azerbaijan and the United Arab Emirates (UAE) are strengthening their trade and economic partnership, focusing on green economy initiatives and renewable energy projects. During a meeting at COP29, Azerbaijan's Minister of Economy, Mikayil Jabbarov, and the UAE's Minister of Economy, Abdulla bin Touq Al Marri, highlighted their mutual commitment to promoting investments, enhancing digital solutions, and diversifying their economies. Both ministers reaffirmed the strong bilateral relations rooted in mutual respect and friendship. Source
Egypt: The International Monetary Fund (IMF) concluded its visit to Cairo without completing the fourth review of Egypt's Extended Fund Facility program, delaying access to a $1.3 billion tranche. The IMF acknowledged Egypt's monetary tightening measures but cited inflationary pressures from recent price hikes in fuel and electricity. Geopolitical tensions and increased refugee inflows have strained public services, while Suez Canal revenues dropped by up to 70%. The IMF urged reforms in tax policies, state asset divestment, and private sector promotion to achieve macroeconomic stability and unlock economic potential. Source
Egypt: Mastercard and eNovate, a subsidiary of eFinance Investment Group, have launched a Card-as-a-Service (CaaS) solution in Egypt. This initiative provides banks, non-financial institutions, universities, and fintechs with digital payment services, including prepaid card integration and customizable wallet solutions. The partnership aims to accelerate digital payment adoption, enhance financial inclusion, and support Egypt's Vision 2030 digital transformation goals. Source
