Tech

How fintechs are making banking services accessible in Brazil

The pandemic has accelerated the transition to digital financial services, with a growing fintech ecosystem servicing previously neglected populations

fintechs The pandemic has accelerated the transition to digital financial services, with a growing fintech ecosystem servicing previously neglected populations.
Image: Olesia/Shutterstock

During the Covid-19 pandemic, everything that could go digital, did. 

Digital banking and digital wallets grew in prominence, while the Central Bank’s instant payment system, Pix, was launched and became an immediate success. And although it has not yet been fully implemented, open banking should make Brazilians’ daily life easier as of the coming months.

The pandemic, though, only accelerated changes that were already underway. Fintechs and new financial institutions, most of them digital, have emerged to increase the range of options offered by the market. But to what extent do these new players help promote the decentralization of...

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