Brazil: Growth in Brazil is expected to reach 3% in 2024 for the third consecutive year, driven by domestic demand, but a slowdown is anticipated due to tighter monetary policies and global challenges. The SELIC rate is projected to stabilize at 12.75% by early 2025 to control inflation, which remains above target. Fiscal imbalances and global factors, including higher U.S. interest rates and tariff concerns, pose risks to economic stability. Measures to address these issues are critical to mitigating a more negative macroeconomic outlook. Source
Argentina: Argentina's President Javier Milei aims to attract $50 billion in investments through the RIGI program, which provides 30-year guarantees on tax, currency, and customs benefits for sectors like energy and mining. To date, six proposals account for 15% of the target, but achieving the goal requires addressing restrictive currency controls that hinder foreign investment. Source
Mexico: The Mexican Peso appreciated against the U.S. Dollar following mixed U.S. economic data, including stronger-than-expected Durable Goods Orders but downward revisions for the previous month. Mexico's economic growth slowed to 1.6% year-over-year in Q1 2024 from 2.5% in the prior quarter, while the trade deficit widened more than anticipated. Despite domestic challenges, the Peso's rally reflects investor focus on U.S. economic signals over local metrics. Source
Mexico: Citigroup has finalized the separation of Banamex from its institutional banking operations in Mexico as of December 1, 2024, creating two entities: Grupo Financiero Banamex for consumer banking and Grupo Financiero Citi México for institutional clients. The move aligns with Citigroup's simplification strategy and includes plans for an IPO of Grupo Financiero Banamex, subject to regulatory approval and market conditions, with potential dual listings in Mexico City and New York. Source
Brazil: PayRetailers has enhanced its Pix payment solution to assist Brazilian betting operators in complying with new sports betting regulations effective January 1, 2025. The updated solution automates the verification of player-registered bank account details, ensuring that all transactions align with regulatory requirements. This enhancement aims to streamline compliance processes for operators while maintaining a seamless user experience. Source
Brazil: Bybit has introduced a physical Bybit Card in Brazil, following the success of its virtual version launched in September 2024, which attracted over 28,000 users. Brazilian users can pre-register for the physical card, with free issuance available for a limited time. The card offers benefits such as zero fees for issuance and delivery, no annual or hidden fees, 2% cashback in USDT, BTC, and ETH on eligible purchases, and up to 8% APY. This initiative aims to simplify global spending with cryptocurrencies, addressing the growing demand for crypto assets in Brazil's private and public sectors. Source
Argentina: Mercado Pago, founded in 2003 in Buenos Aires, Argentina, operates as an app-based wallet enabling bill payments, money transfers, online purchases, and in-store QR code transactions. The company has raised $233 million in funding from investors like Goldman Sachs and J.P. Morgan. It ranks second among 16 fintech competitors in Argentina, contributing to MercadoLibre's market capitalization of over $100 billion. Source
China: China will host the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in 2026, marking its third time as host since APEC's founding in 1989. President Xi Jinping announced this during the 31st APEC Economic Leaders' Meeting in Lima, Peru, highlighting China's commitment to enhancing Asia-Pacific cooperation and promoting regional stability and economic integration. This reflects China's dedication to multilateralism and fostering an open global economy, with a focus on advancing regional economic connectivity. Source
India: India's GDP growth slowed to 5.4% year-on-year in the July-September 2024 quarter, marking the slowest pace in seven quarters and falling short of the anticipated 6.5%. This deceleration is primarily attributed to weakened urban consumption due to rising food prices and subdued manufacturing activity, which grew by only 2.2% compared to 7% in the previous quarter. Despite these challenges, India remains one of the fastest-growing major economies, with potential for regained momentum in the latter half of the fiscal year, supported by improved rural demand and increased government spending. Source
India: Vijay Shekhar Sharma, founder of Paytm, praised India's fintech firms for their significant role in job creation and boosting economic growth. He highlighted the rise of a strong digital services ecosystem, marked by widespread use of quick deliveries, local rides, and Paytm QR codes. Sharma referred to gig workers as "members of Indian Digital Services," acknowledging their dedication and pride in their contributions. He emphasized that these developments are driving a more inclusive and innovative Digital India. Source
India: Job opportunities in India's fintech sector are expected to grow by 7.5%, driven by increased adoption of digital payments, blockchain advancements, and the expansion of open banking systems. The banking sector reported a 7.3% net rise in employment, supported by regulatory initiatives, while non-banking financial companies (NBFCs) experienced a 5.1% increase. This growth is anticipated to continue through 2024, fueled by digital transformation, regulatory evolution, and efforts to promote financial inclusion. Source
China: China's rapid fintech growth, including mobile payments and online lending, has outpaced regulatory frameworks, creating systemic risks and market monopolization. Traditional regulations, segmented by industry and product, are inadequate for managing the complexities of fintech. To address these challenges, China is adopting measures like regulatory sandboxes and fintech charters, allowing controlled experimentation and licensing tailored to fintech firms. These steps aim to ensure fair competition, protect consumer rights, and maintain financial stability amid the sector's expansion. Source
India: Gurugram-based wealthtech startup ZFunds has secured ₹25 crore in equity funding led by Elevation Capital, with participation from PB Fintech CEO Yashish Dahiya. Founded in 2019 by Manish Kothari and Vidhi Tuteja, former Paisabazaar executives, ZFunds enables offline agents to distribute mutual fund products, allowing them to compete with online platforms. The funds will be used to expand the company's distribution network and enhance technological capabilities. Source
Hong Kong: KPay, a Hong Kong-based financial management and business operations platform, raised $55 million in a Series A round led by Apis Growth Markets Fund III and Apis Global Growth Fund III. This is the largest Series A globally in the payments sector for 2024. With a 166% revenue CAGR, KPay currently serves over 45,000 merchants across Hong Kong, Singapore, and Japan. The funds will support expansion into Indonesia, the Philippines, Malaysia, and Thailand, with a goal to serve one million merchants in five years through organic growth and acquisitions. Source
Ghana: The Bank of Ghana has maintained its policy rate at 27%, following a prior reduction from 29% in September 2024, citing stable macroeconomic indicators. Core inflation remains stable, with financial sector inflation expectations anchored, and reserve accumulation has bolstered confidence alongside currency appreciation. The timeline for achieving the inflation target of 6-10% has been adjusted to the fourth quarter of 2025 from the third quarter. Source
Nigeria: The Nigerian Exchange (NGX) saw its market capitalization grow by ₦18.2 trillion (44.5%) from ₦40.918 trillion in January 2024 to ₦59.107 trillion as of November 29, 2024. This growth was fueled by new listings and increased investor interest in blue-chip companies, despite challenges such as double-digit inflation, a 27.5% Monetary Policy Rate, and exchange rate volatility. Key contributors included the listings of Transcorp Power Plc and Aradel Holdings, valued at ₦2.7 trillion and ₦2.25 trillion, respectively. Stocks like Dangote Cement, Airtel Africa, Seplat Energy, Zenith Bank, and Guaranty Trust Holding Company also saw significant gains, reflecting strong investor confidence. Source
Nigeria: Moniepoint was awarded "Overall Best Fintech in Digital Banking Solution Delivery" in the Other Financial Institutions (OFI) category at the NEXUS 2024 awards organized by Qore. This recognition highlights Moniepoint's role in advancing digital banking services and fostering financial inclusion across Nigeria and Africa. The award was presented at the second edition of the NEXUS customer experience event in Lagos, celebrating excellence in customer service, technological innovation, and sector impact. Didi Uwemakpan, Moniepoint's Vice President of Corporate Affairs, expressed pride in the recognition, emphasizing the company's commitment to empowering businesses and customers with innovative solutions. Source
Nigeria: The Nigerian government has implemented the Electronic Money Transfer Levy (EMTL), charging ₦50 on electronic transactions of ₦10,000 and above, affecting platforms like Opay, Moniepoint, and Kuda. Initially introduced under the Finance Act 2020, the levy was scheduled to begin on September 9, 2024, but its full implementation started on December 1, 2024. The charge applies once per qualifying transaction and is directed entirely to the Federal Inland Revenue Service (FIRS) for revenue collection, with fintech companies facilitating deductions without direct benefits. Source
Ghana: M-KOPA, a pay-as-you-go asset financing platform targeting underbanked Africans, is set to exceed an annual revenue rate of $400 million by the end of 2024, up from $248 million in 2023. Operating in Kenya, Uganda, Nigeria, Ghana, and South Africa, the company has reached profitability in its major markets. M-KOPA has provided over $1.5 billion in credit to more than 5 million customers, offering access to smartphones, solar kits, and other essential products through affordable daily micropayments. This growth underscores its commitment to financial inclusion and scalable operations across Africa. Source
Africa: Seedstars Africa Ventures I, a venture capital fund focused on early-stage investments in African startups, has raised $42 million in its latest funding round. Investors include the African Development Bank, EIB Global, the European Union, and Boost Africa, bringing the fund's total commitments to $50 million out of its $80 million target. The fund plans to invest up to $2 million in seed and Series A rounds, with follow-on investments of up to $5 million, addressing early-stage financing gaps. To date, it has deployed over $10 million across five startups in sectors like climate, food systems, energy access, connectivity, financial inclusion, and payments, impacting over 60 million people in eight African countries. Source
Isreal: Israel's economic growth is expected to slow to 1.1% in 2024, down from 2% in 2023 and 6.5% in 2022, due to geopolitical tensions and domestic challenges. Recent conflicts have disrupted critical sectors such as construction and agriculture, causing workforce shortages and rising inflationary pressures. The OECD warns that an escalation in the conflict could further suppress consumption and economic activity, increasing fiscal and budgetary strain. Sovereign debt ratings have been downgraded, reflecting concerns about long-term stability. Comprehensive reforms and conflict resolution are crucial to restoring investor confidence and economic resilience. Source
Egypt: Egypt's economic growth is projected to slow to 2.7% in 2024, down from 3.6% in 2023, due to persistent inflation, foreign currency shortages, and tight financing conditions. The OECD recommends enhancing exchange rate flexibility and implementing structural reforms to boost private sector investment and job creation. Addressing these challenges is crucial for sustainable economic recovery and improved living standards. Source
Egypt: Contact Pay, a subsidiary of Contact Financial Holding, has expanded its partnership with eKhales, a digital payment platform under eFinance. This expanded collaboration allows Contact customers to pay their installments and bills through eKhales' network of over 600,000 point-of-sale (PoS) terminals across Egypt. The agreement, signed during the Cairo ICT 2024 event, enhances payment flexibility and accessibility for customers nationwide. Source
Dubai: Dubai has emerged as a regional leader in FinTech, AI, and Web3, with initiatives such as the Dubai Universal Blueprint for Artificial Intelligence, the Dubai AI Campus, and the Dubai AI and Web3 Festival. These efforts highlight the city's focus on emerging technologies and their synergy with the financial sector. The inaugural Dubai AI and Web3 Festival attracted 6,800 visitors from over 100 countries, underscoring Dubai's growing global appeal. The city's business-friendly environment, world-class infrastructure, and regulatory framework make it a prime location for tech companies and talent. Additionally, Dubai's resilience post-COVID and its push for a digital economy through the D33 agenda further solidify its position as a hub for innovation and economic growth. Source
Isreal: Sylndr, Egypt's leading online used car trading platform, has raised $7.4 million (EGP 370 million) in new funding to expand its operations. The financing round was led by EFG Hermes, which acted as the sole financial advisor and designed an innovative financing structure tailored to the company's complex legal and financial framework. The lending consortium included EFG Corp-Solutions, NXT Commercial Bank, EG Bank, and other financial institutions. This new round, following a previous $12.6 million pre-seed investment in May 2022, represents a major step forward for Sylndr and the broader Egyptian startup ecosystem. The fresh capital will enable Sylndr to enhance its vehicle inventory, improve customer experience, and boost operational efficiency while diversifying its future funding sources. Mai Hamdy, Managing Director of Debt Capital Markets at EFG Hermes, commented: "The funding represents a qualitative leap not only for Sylndr but for the Egyptian startup ecosystem as a whole," emphasizing that the financial structure provides Sylndr with the flexibility to expand while securing lenders' rights. Source
