A recent study on the financial startup’s scenario caught the attention of PwC Brazil and ABFintechs. According to Valor Invest, Brazilian Fintechs have a high interest in Artificial Intelligence, Machine Learning, and Blockchain, the technology used in cryptocurrencies such as Bitcoin.
Fintech, and finance news from the most trusted sources in 80 words or less. Updated throughout the day, the Born2Invest mobile application is a professionally curated digest of business and news in financial the technology field, with summaries from the most reputable news organizations around the world.
According to the study most Brazilian fintechs are trying to resolve pain-points related to the means of payment. In this context it is unsurprising that these companies are exploring blockchain technology.
A large portion of the Brazillian population is unable to access basic financial services. Any company that can solve this problem is likely to reap big rewards. Blockchain technology could offer an easy answer that would allow smaller fintech companies to by-pass traditional financial institutions and bring their products to market faster.
The Brazilian fintech ecosystem continues to grow
According to Valor Invest, there are about 500 Fintechs currently operating in Brazil. 57% of these would be in São Paulo, the state that holds the greatest volume of new fintech start-ups. Around 22% of these startups want to improve upon the means of payment, generally by leveraging blockchain technology.
The study that was conducted by PwC Brazil with ABFintechs, showed that the greatest interest of these companies is in Artificial Intelligence (48%) and machine learning (46%). About 44% of respondents said they are willing to innovate with the underlying technology of cryptocurrency.
Brazil continues to adopt blockchain technology
For the enthusiast, Bitcoin represents an panacea for all our financial woes but the truth is always more complicated. The crypto market has grown rapidly over the past few years, largely driven by the adoption of cryptocurrencies by companies.
In recent days, for example, Cielo (CIEL3) has partnered with Bitfy to accept Bitcoin on their machines. With this partnership in place, the businesses that accept Bitcoin will have the receipt done in Real, with the currency conversion being done by Bitfy. Recently, Natura said that there is room for blockchain technology within its operations. In addition, Valid also acquired a Fintechs to strengthen its operations with blockchain technology.
BlueBenx is another company that operates in Brazil with a financial solution involving cryptocurrencies. From 2020 onward, customers may have a BlueBenx Account, which will make TED, transfers, purchase, and sale of cryptocurrencies in one solution. In short, cryptocurrencies and blockchain technology have been increasingly coming together with Brazilian Fintechs and traditional companies. This is an important movement for Brazil to be able to grow and innovate, especially in a market that banks still have sovereignty.
Finally, most Brazilian Fintechs have stated that they do not see banks as enemies, but as partners. In addition, 63% already have international operations. Brazil already has 11 unicorns in the startup sector, with Nubank being the biggest highlight.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in livecoins, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
PagaPhone Seeks to Facilitate Remittance Collection and Boost Financial Inclusion in Mexico
PagaPhone, which already has pre-authorization from the National Banking and Securities Commission to operate as an electronic payment fund institution,...
Rovi Shoots Up 72% its Profit in the First Half of 2021
The Spanish pharmaceutical company Rovi achieved a net profit of $60.3 million (€51 million) from January to June, compared to...
Four Million Round for the Italian Real Estate Crowdfunding Portal Walliance
The Italian real estate equity crowdfunding portal Walliance has closed a $4.73 million (€4 million) round. This is the third...
What Artificial Intelligence Means for Us Today?
Advantage of AI counts the smarter artificial intelligence which promises to replace human jobs, freeing people for other pursuits by...
Credit Suisse: Major Bank Admits Gold and Gold Mining Stocks are Undervalued
Precious metal investments like gold are often overlooked in exchange for more ‘exciting’ opportunities. As a result, they are frequently...
Crowdfunding7 days ago
Trusters’s Real Estate Crowdfunding Fund Raised €7.3 Million in Six Months
Crypto7 days ago
Elon Musk Said Tesla Will Accept Bitcoin Again
Featured7 days ago
How Rating Discrepancies Undermine ESG
Biotech7 days ago
UrbanFisio Launches Virtual Assistant to Surpass €1 Million by 2021