REPORT
The terms KYC (Know Your Customer) and AML (Anti-Money Laundering) are often used by regulators and compliance officers, sometimes interchangeably, which may cause confusion.
👀 NEWS HIGHLIGHT
Nubank has laid out ambitions to be Latin America’s biggest financial services group as the $44bn-valued digital lender is predicted to hit the milestone of $1bn in annual profits.
Chief executive David Vélez told the Financial Times the company he launched in Brazil around a decade ago could become the region’s largest in the sector by customer numbers, with expansion under way in Mexico and Colombia.
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NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
☕️ REGIONAL HIGHLIGHTS
⭐️Fintech Mercado Pago explores becoming a bank in Mexico.
⭐️ Agricultural fintech Traive raises US$20M to improve its technology.
⭐️ Mastercard Shares Touch All-Time High After Strong 4Q.
⭐️ Nubank is set to introduce two innovative Open Finance functionalities for its clients in 2024.
BRAZIL
Fintech Datanomik and Muevy receive Central Bank approval to operate as a payment institution in Brazil. The fintech arrived in Brazil in March 2022, after raising a $6 million contribution led by US fund Andreessen Horowitz.
Nubank announces its newest product developed by Nu Asset. Nu Selic Simples offers an alternative for conservative profile customers seeking a low-risk investment solution with daily liquidity.
MEXICO
Mexico's Banorte launches digital bank bineo, a digital bank which will offer savings accounts and personal loans with the aim of adding 2.8 million new clients in the next five years.
Mexico-based neobank Hey has announced that it will go independent from Banregio by year 2025. The goal is to complete this extensive process within 2024, aiming for a late December 2024 or early 2025 operational launch as an independent entity.