Brazil: Brazil's real fell by 0.55% against the U.S. dollar amid rising fiscal concerns and global economic pressures, prompting the Central Bank of Brazil to plan another currency-stabilizing auction. While Brazil's lower house approved a key fiscal bill, unresolved amendments and pending projects continue to unsettle investors, risking higher borrowing costs. External factors, including the U.S. Federal Reserve's anticipated rate cut, strengthened the dollar and added strain to the real. These developments underscore the importance of sustainable fiscal policies for Brazil to maintain economic stability and investor confidence. Source
Argentina: The IMF confirmed talks with Argentina on a new loan agreement as the country seeks economic stability amid soaring inflation and a contracting GDP. Argentina recently repaid a $2.6 billion loan installment to the IMF, assisted by a bridge loan from Qatar. With a debt-to-GDP ratio of 80% and inflation at 250% in December 2023, the negotiations are pivotal for addressing the nation's economic challenges. The outcome will influence Argentina’s reform efforts and fiscal recovery. Source
Mexico: The Bank of Mexico cut its benchmark interest rate by 25 basis points to 10.00%, signaling the possibility of larger reductions in future meetings as inflation continues to decline. This marks the fifth rate cut this year, with inflation easing to 4.55% in November and core inflation at 3.58%. However, the bank has delayed its target of reaching 3% inflation to the third quarter of 2026. Volatility in the Mexican peso and potential changes in U.S. trade policy pose risks to further rate adjustments. Source
Brazil: PayRetailers, a Latin America-based payments processor, acquired Transfeera, a Brazilian fintech specializing in payment processing and bank data validation. The acquisition, approved by Brazil’s CADE and Central Bank, gives PayRetailers direct access to Pix, Brazil’s instant payment system, enhancing its regulatory framework and open banking opportunities. Transfeera, with over 500 clients, strengthens PayRetailers’ strategy to expand services for Brazilian companies and support its goal of offering diverse payment methods across 20+ countries via a single API. Source
Brazil: Trinus, a Brazilian fintech specializing in connecting real estate developers with capital markets, raised $7 million in a Series B extension round led by Bewater. This follows a $6.5 million investment from Headline in December 2023. The funds will support expanding Trinus’ real estate financial ecosystem, enhancing its technology platform, and pursuing M&A opportunities to grow market share. Trinus operates in over 100 cities across 25 Brazilian states, managing over R$33 billion in Gross Sales Value across 830 projects. Source
China: China has introduced economic stimulus measures, including interest rate cuts and increased government spending, to revive domestic consumption amid slowing growth and a struggling property market. Critics argue that these short-term strategies, without structural reforms, could worsen issues like local government debt and market inefficiencies. Analysts emphasize the need for deeper reforms to enhance productivity and achieve sustainable economic growth. Source
India: Nearly 3 in 5 Indian organizations reported experiencing financial or economic fraud in the past two years, exceeding the global average of 2 in 5, according to PwC's Global Economic Crime Survey 2024. Procurement fraud was the most common, affecting 50% of Indian companies compared to a third globally. Other prevalent issues include customer fraud, bribery, corruption, cybercrime, and supply chain fraud. Indian companies are increasingly leveraging data analytics to detect and prevent fraud, waste, and abuse. Source
China: AMTD Digital, a Hong Kong-based fintech firm, saw its stock surge by over 21,000% in 2022, climbing from an IPO price of $7.80 to a peak of $1,679 per share. This rapid increase brought its market capitalization to over $310 billion, surpassing companies like Bank of America and Coca-Cola. The surge was driven by speculative trading, with analysts attributing it to retail investor activity and potential confusion over its ticker symbol "HKD." The stock later declined sharply, highlighting concerns over market volatility and speculative valuations. Source
India: Curie Money, a fintech startup, raised $1.2 million in seed funding led by India Quotient, with participation from institutional and angel investors. The funds will support team expansion, product development, technology scaling, and partnerships, especially in the current account and MSME segments. Curie Money offers a mutual fund-backed banking app integrating investments with payments, delivering higher returns than traditional savings accounts while ensuring instant liquidity. The startup has partnered with Yes Bank for savings accounts and ICICI Prudential Mutual Fund for fixed-income schemes. Curie Money also received approval from NPCI to enable UPI transactions. Source
India: QuiD Cash, a Bengaluru-based supply chain fintech startup, raised $4.5 million in a Pre-Series A funding round led by angel investors, including Piyush Jain of Shrem Group, and existing backer MINTCAP. The funds will be used to enhance its technology stack and expand operations. QuiD Cash launched QuiD Capital, an NBFC subsidiary providing anchor-led invoice financing. Currently serving 8,000 users across sectors like FMCG, automotive, and pharmaceuticals, the company aims to onboard 500,000 retailers over the next two years. Its proprietary QuiD Score underwriting process maintains a low loan default rate of 1.5%. Source
Ghana: The UN's 2024 "Unpacking Africa’s Debt" report warns that Ghana's heavy reliance on non-resident investors in its domestic capital markets poses significant risks to economic stability. While foreign investment reflects confidence, it increases vulnerability to global financial shifts, such as rising interest rates, which could trigger volatile capital outflows and destabilize the Ghanaian cedi. The report recommends diversifying debt holders by fostering local participation from pension funds and banks to mitigate these risks. Source
Nigeria: Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, criticized Nigeria's $1 trillion GDP ambition, calling it unrealistic without a clear development strategy. He highlighted minimal economic growth, with GDP rising from 2.86% in 2023 to 3.2% in 2024, alongside an inflation increase from 24.7% to 33.2%. Rewane stressed the importance of a well-defined roadmap to achieve Nigeria’s economic goals. Source
South Africa: South Africa's BankservAfrica Economic Transactions Index (BETI) shows signs of a cyclical economic recovery, supported by the S&P Global South Africa PMI, which remained above the 50 'no-change' mark for the fourth consecutive month in November. This signals improved private sector performance. However, challenges persist, including a shift to foreign direct investment outflows of 3.2 billion rand in Q3 from 16.6 billion rand inflows in Q2. The government has also revised its annual GDP growth target from 1.3% to 1.1%, reflecting ongoing economic difficulties. Source
Nigeria: Mastercard, Alerzo, and the USAID-funded e-Trade Alliance have partnered to empower over 10,000 Nigerian MSMEs with financial literacy and digital tools. The initiative provides access to platforms like Alerzoshop, a B2B marketplace, and Veedez, a payment and business management tool. It also includes training to enhance financial and digital literacy, addressing challenges such as complex supply chains and limited access to financial services. This aligns with Mastercard's goal of integrating one billion people and 50 million small businesses into the digital economy by 2025. Source
Nigeria: Traddify, a global remittance platform, has launched enhanced payment solutions in Nigeria to facilitate cross-border transactions for individuals, businesses, and SMEs. Key features include a secure virtual dollar card for online payments, quick money transfers, and multi-currency accounts supporting Naira, Kenyan Shillings, and Cedis. Traddify aims to promote trade and financial inclusion across Africa with reliable and convenient services. Source
South Africa: Cassava Technologies secured $310 million in funding to advance digital inclusion across Africa. This includes a $90 million equity investment from DFC, Finnfund, and Google LLC to bolster Cassava's balance sheet and promote sustainable growth. Additionally, its subsidiary, Liquid Intelligent Technologies, refinanced its South African Rand term loan with $220 million in new facilities from Standard Bank, Rand Merchant Bank, Nedbank, and the IFC. The funding supports Cassava's integrated digital solutions platform, offering broadband, cloud, cybersecurity, AI, and payment services across over 30 markets in Africa, the Middle East, India, and Latin America. Source
Ivory Coast: HUB2, an Ivory Coast-based fintech startup, raised €8 million in a Series A funding round led by TLcom Capital, with participation from FMO, Enza Capital, Bpifrance, and Thunes founder Eric Barbier. The company provides a unified API for processing national and cross-border payments through mobile money, bank transfers, cards, and cryptocurrency. HUB2, currently operating in six Francophone African countries, plans to expand its services across the region, from Senegal to Madagascar, within two years. The funding will support its mission to unify financial services and enhance financial inclusion in Francophone Africa. Source
UAE: The UAE Central Bank reduced its base rate for the Overnight Deposit Facility by 25 basis points to 4.65%, following a similar move by the U.S. Federal Reserve. The rate cut aligns with the dirham's peg to the U.S. dollar and aims to ensure monetary stability. Additionally, the UAE Central Bank adjusted borrowing rates for short-term liquidity through its standing credit facilities by 25 basis points. Source
Egypt: The fourth edition of the Egypt Economic Summit is set to take place on January 14, 2025, under the patronage of Prime Minister Dr. Mostafa Madbouly. The summit will focus on "Egypt's Economic Vision: Towards Sustainable Growth and Development," addressing critical sectors including industry, energy, and finance. It aims to facilitate dialogue among policymakers, industry leaders, and experts to strategize for sustainable economic progress. Source
Israel: Israel's annual inflation rate fell to 3.4% in November, marking a four-month low but remaining above the government's 1%-3% target range. The decrease was driven by lower costs in fresh produce, transportation, shoes, and education, partially offset by higher housing, food, and clothing prices. The Bank of Israel is expected to maintain its benchmark interest rate at 4.5% in January, considering ongoing geopolitical tensions and fiscal policy concerns. Source
Israel: Rapyd, an Israeli fintech unicorn valued at $15 billion, has applied for an expanded clearing license from the Israel Securities Authority. If approved, the company plans to issue credit cards, competing directly with incumbents like Isracard and Max. Rapyd is negotiating agreements with major local businesses to process credit card payments and aims to be the first to receive this license under new regulatory oversight by the Securities Authority. Source
UAE: MNT-Halan, Egypt's fintech unicorn, launched its financial super app in the UAE, starting with Halan Advance, a salary financing solution targeting the 3.7 million underbanked expatriates in the country. Since its launch in April 2024, the app has partnered with major employers and acquired over 40,000 customers, with plans to grow this to 250,000 by the end of 2025. This expansion aligns with MNT-Halan's goal to promote financial inclusion and cash flow management across the GCC. Source
Egypt: Paymob, a leading financial services provider in the MENA region, has integrated Apple Pay into its payment platform, enabling Egyptian merchants to accept secure and contactless payments. This initiative supports Egypt's Vision 2030, which focuses on enhancing financial inclusion and accelerating the digital economy. Paymob, which offers over 50 payment methods, was the first to receive the Payments Facilitator license from Egypt’s Central Bank. Source
UAE: Quantix Technology Projects LLC, a subsidiary of Astra Tech, secured $500 million in asset-backed securitization financing from Citi to support its CashNow consumer lending platform. This marks one of the largest funding transactions for a UAE fintech, highlighting Quantix’s strong financial performance and lending portfolio. The funds will enhance Quantix’s financial services across the region, solidifying Astra Tech’s position as a fintech leader. Quantix is also the first UAE-based fintech to receive a Finance Company License from the Central Bank of the UAE since 2008. Source
