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In the Americas, Brazil is the protagonist in Banking As a Service, according to a study by Celcoin

WASHINGTON, DC, USA, December 18, 2023 /EINPresswire.com/ — In the Americas, Brazil is the protagonist in Banking As a Service, according to a study by Celcoin

• Survey shows that the Brazilian BAAS market will exceed US$5 billion by 2031;

• Evolution of more than 850% compared to 2022 will keep the country ahead of other nations in the region

Celcoin, a Brazilian fintech that provides financial and banking infrastructure and services, conducted market research on Banking as a Service in Latin America and the United States, which assesses challenges and opportunities in the financial services sector in the regions. According to the research, Brazil has made great progress in leading the global banking as a service (BaaS) sector and with a financially solid, vibrant industry that attracts many investors due to its location and regulation. The survey predicts that the BaaS market in Brazil will grow 854% by 2031, rising from the current US$532 million to more than US$5 billion.

One of Brazil’s main contributions to the global BaaS business is the population volume with considerable technological experience – according to data from the ICT Households survey, almost 70% of the population of 214 million people has access to the internet; and strong integration, which is consolidated year after year, between traditional banks and fintechs.

“The coexistence of traditional banks and fintechs promotes a climate of innovation and collaboration. Institutions are increasingly working with fintechs to increase their service offering and this is all based on regulatory changes from the Central Bank of Brazil. This open and regulated banking structure promotes the creation of BaaS solutions by allowing fintechs and technology companies to provide cutting-edge financial services in a secure and transparent way”, assesses Marcelo França, Celcoin’s CEO.

Furthermore, the study points out that Brazil’s location in Latin America and the country’s status as a growing market, with a diversified economy, makes it a regional fintech hotspot, attracting entrepreneurs and investors from nearby countries, and offering more opportunities so that BAAS providers can meet different financial demands linked to trade and investment.

About Celcoin

Celcoin, founded in 2016, is a financial infrastructure to boost businesses. Provider of complete and pioneering technology infrastructure for companies in the most diverse segments, Celcoin offers solutions for banking, credit, cash management, Open Banking, retail and onboarding. Around 400 fintechs and digital banks, 5,500 medium and large companies and 40,000 retail outlets are connected to the Celcoin platform, which processes U$ 2 billion monthly. This is Celcoin: the best service for growth.

Know more: https://www.celcoin.com

Fabíola Góis
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