Shares in Brazil’s Nubank rise as central bank rules seen as less onerous -Breaking
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(Reuters) – Brazilian fintech Nubank announced Monday that the new rules of the central bank for digital banks will result in lower capital requirements next year than initially expected and 2024. The announcement lifted its shares.
According to a securities filing by the Warren Buffet-backed Latin America fintech star, the change has not had any significant effect on the company’s “business model and our ability grow.”
Nubank U.S.-listed shares rose nearly 2% to $6.04 at the aftermarket Nubank’s U.S.-listed shares rose nearly 2% Monday, to $6.04 after market. This is consistent with the decline in investor sentiment in broader tech markets.
Brazil’s central bank has announced stricter regulations for fintechs on Friday. They will apply rules based upon the size and complexity of payment institutions, as well as raising capital requirements.
New framework that will go into effect January 2023, with final implementation January 2025.
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