Business

Has Brazil’s finance sector gone full-digital?

The Covid-19 pandemic accelerated the digital transformation of a wide range of sectors. To find out what this means for Brazil's finance sector, we spoke to award-winning money expert Jame DiBiasio

finance sector full-digital
Photo: Igor Batrakov/Shutterstock

The Covid-19 pandemic seemingly turned everything digital. Social isolation measures and the spread of remote work took existing trends and set them on hyperdrive. E-commerce saw huge increases in sales, while teleconference platforms became ubiquitous, essentially replacing all in-person interactions. In this context, has the finance world undergone the same transformation?

In Brazil, that has certainly been the case. The Central Bank’s instant payment system PIX went live during the pandemic, and after a short space of time it already accounted for 30 percent of all money transactions in the country. At the same time, digital banks...

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