From Production to Consumption: Japan–Latin America Cooperation in Food and Agriculture

Live Now
Linkedin-in Youtube Facebook-f

LATIN AMERICA ADVISOR

Financial AMERICA ADVISOR

A daily publication Of the dialogue

February 27, 2024

How Much Will Digital Banks Grow in Latin America?

Chief Executive Officer David Vélez said earlier this month that Nubank could become Latin America’s largest financial services group. // File Photo: Nubank.

Q

  • Brazil’s Nubank could become Latin America’s largest financial group in the coming decades, the digital bank’s chief executive officer, David Vélez, told the Financial Times in an interview published Feb. 6. Already the largest digital bank in the region, Nubank reported approximately $1 billion in net profit last year. How likely is Nubank to become Latin America’s largest financial services provider, and how soon could that happen? To what extent do conditions in Latin America favor the growth of digital banks over more traditional banks, and which countries offer the most favorable environments for those new entrants? How well are the region’s traditional banks adapting in order to stay competitive?

A

Mijail Popov, analyst specialist in crypto assets at Americas Market Intelligence: “Nubank’s rapid growth and ambitious aspirations have indeed positioned it as a formidable contender to become Latin America’s largest financial services provider in the coming years. Its significant net profit of $1 billion in 2023 showcases the potential for digital banks to disrupt the traditional banking landscape in the region. However, achieving such a status depends on various factors, including the regulatory environment, technological advancements and market dynamics, which vary across Latin America. Brazil serves as a prime example of how…”

Top News

Nubank Reports Nearly $361 Mn in Profit for Q4
Brazilian digital bank Nubank on Feb. 22 reported $360.9 million in net profit for last year’s fourth quarter. The digital bank’s profit increased six times as compared to the same quarter a year earlier but missed analysts’ estimates.

Subscribe now

Western Union, Mercado Pago Expand Service to Mexico
Western Union and Mercado Pago announced Feb. 21 that they expanded their partnership in order to widen service to remittance recipients in Mexico.

Subscribe now

Brazil’s Stark Bank Doubles Profit in 2023
Brazil-based Stark Bank, which was founded by Rafael Stark, more than doubled its net income last year to approximately $14.45 million. // File Photo: LinkedIn Profile of Rafael Stark.

Subscribe now

Complete editions of the Financial Services Services Advisor are delivered on a biweekly basis to members of the Dialogue’s Corporate Program and other subscribers. Sign up below for a free complimentary preview subscription.

Subscribe

ABOUT THE financial services ADVISOR

Covering Latin America’s banking and insurance sectors, remittances trends and data, micro lending issues, new technologies in the industry, anti-money laundering regulations, and much more, the Inter-American Dialogue’s biweekly Financial Services Advisor, a sister publication of the Latin America Advisor, gives readers fresh insight and diverse viewpoints from financial sector leaders. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

Latin America Advisor
Energy Advisor

Subscribers

the-dialogue-financial-subscribers01
the-dialogue-financial-subscribers02
the-dialogue-financial-subscribers03
the-dialogue-financial-subscribers04
the-dialogue-financial-subscribers05
the-dialogue-financial-subscribers06
the-dialogue-financial-subscribers07
the-dialogue-financial-subscribers08
the-dialogue-financial-subscribers09
the-dialogue-financial-subscribers10
the-dialogue-financial-subscribers11
the-dialogue-financial-subscribers12
the-dialogue-financial-subscribers13

Staff

Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
Reporter

Nili Blanck
Reporter

Subscribe

board of advisors

Ernesto Armenteros
Vice Chairman
of the Board,
Banco de Ahorro y Credito Union

Jimena Blanco
Chief Analyst,
Verisk Maplecroft

Richard Child
CEO,
Mattrix Group

Michael Diaz
Partner,
Diaz, Reus & Targ, LLP

Ernesto Fernández Holmann
Chairman of the Board,
Ayucus

Desiree Green
Vice President,
Int’l Gov’t Affairs,
Prudential Financial

Earl Jarrett
Deputy Chairman & CEO
The Jamaica National Group

Barbara Kotschwar
Professor of Political Economy,
Georgetown University

Thomas Morante
Attorney,
Carlton Fields

Manuel Orozco
Senior Fellow,
Inter-American Dialogue

Adalberto Palma Gómez
Senior Partner,
Aperture SC

Rodolfo Pittaluga
Adjunct Professor,
Florida International University
College of Law

Roberto Teixeira da Costa
Founder & Board Member Emeritus, CEBRI

Mario Trujillo
CEO,
DolEx Dollar Express

Subscribe To
Latin America Advisors

* indicates required field

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

The Inter-American Dialogue MEXICO Program

SUBSCRIBE TO OUR NEWSLETTER / SUSCRÍBASE A NUESTRO BOLETÍN:

* indicates required

The Inter-American Dialogue BRAZIL Program

SUBSCRIBE TO OUR NEWSLETTER / SUSCRÍBASE A NUESTRO BOLETÍN:

* indicates required

The Inter-American Dialogue Education Program

SUBSCRIBE TO OUR NEWSLETTER / SUSCRÍBASE A NUESTRO BOLETÍN:

* indicates required

Darunrat/AdobeStock_69671011

Beyond USMCA: From Trade Integration to Joint Industrialization