Nubank, a leading fintech in Latin America, is considering acquiring a bank to comply with Brazil's upcoming 2024 regulations for crypto exchanges. These new rules prohibit fintech companies from using bank-like names without obtaining a banking license. With a user base of 110 million, Nubank is reportedly evaluating the acquisition of Banco Digimais S.A. or pursuing a direct banking license, which could be a costly endeavor. The regulatory changes are part of broader measures to counter the financing of terrorism, potentially leading to industry consolidation as smaller firms may find compliance challenging. Nubank's strategic move reflects the growing regulatory pressures on fintechs in Brazil, aiming to align with the new legal framework while maintaining its market position.
Nubank Eyes Bank Acquisition Amid New Brazilian Fintech Rules
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