Latest news with #BrasilCentral
Zawya
11 hours ago
- Business
- Zawya
BRICS to launch guarantee fund to boost investment in member nations, sources say
BRASILIA - The BRICS group of developing nations is set to announce a new guarantee fund backed by the New Development Bank (NDB) to lower financing costs and boost investment, two people familiar with the matter told Reuters. The initiative, modeled on the World Bank's Multilateral Investment Guarantee Agency (MIGA), aims to address global investment shifts amid uncertainty surrounding U.S. economic policy, the sources said on condition of anonymity. Brazilian officials view the fund as the centerpiece of the BRICS financial agenda during the country's rotating presidency. The fund is expected to be mentioned in the joint statement at the BRICS summit in Rio de Janeiro next week, said the sources. Originally formed by Brazil, Russia, India and China, the BRICS group later added South Africa and recently expanded to include other developing nations to increase its influence in global governance. The proposed BRICS Multilateral Guarantee (BMG) mechanism, incubated within the NDB, has received technical approval from member states and awaits final signoff from BRICS finance ministers, considered a formality, one of the sources said. Brazil's Finance Ministry declined to comment on the matter. The initiative will not require additional capital from member countries at this stage. Instead, it aims to channel existing NDB resources to projects in developing nations. No initial funding value has been disclosed, but officials involved in the talks expect each dollar in guarantees provided by the NDB to mobilize between five and ten dollars in private capital for pre-approved projects. "This is a politically significant guarantee instrument. It sends a message that BRICS is alive, working on solutions, strengthening the NDB and responding to today's global needs," one source said. Technical preparations setting up the fund are expected to conclude by the end of this year, paving the way for pilot projects to receive guarantees in 2026. BRICS countries face challenges common to developing nations in attracting large-scale private investment in infrastructure, climate adaptation and sustainable development. Officials argue that guarantees issued by the NDB, whose credit rating is higher than that of most member countries, could help mitigate perceived risks for institutional investors and commercial banks.
Bloomberg
18-06-2025
- Business
- Bloomberg
Banco Master CEO Injects $364 Million, Easing Path to Takeover
Banco Master SA 's controlling shareholder agreed to inject 2 billion reais ($364 million) into the company in an effort to persuade regulators to approve a merger with Banco de Brasília SA, according to a person familiar with the matter. The capital increase by Chief Executive Officer Daniel Vorcaro is part of a plan negotiated between the companies and Brazil's central bank, the person said, asking not to be identified because the discussions are private.
Bloomberg
11-06-2025
- Business
- Bloomberg
Circle Partners With Brazil's Matera on Multi-Currency Payments
Brazilian fintech Matera is partnering with leading stablecoin issuer Circle Internet Group Inc. to allow traditional banks in Brazil to support multi-currency operations. The partnership will leverage Matera's real-time ledger, Digital Twin, to allow banks to hold stablecoin balances directly within their platforms. This will enable Brazilian reais, US dollars and stablecoin USDC to coexist in a single environment, facilitating payments and eliminating the need for a correspondent banking system, which often brings settlement delays and added costs from intermediaries.
Finextra
21-05-2025
- Business
- Finextra
Binance integrates with Brazil's Pix payments system
Binance Pay has integrated with Brazil's Pix system to enable people to use crypto to make instant payments in reais. 0 Binance users in Brazil can now make instant transfers and payments directly from their accounts on the Binance exchange to any bank account or pay merchants accepting Pix. The value of the digital asset is instantly converted to Brazilian reais with transactions completed in seconds. Supporting over 100 cryptocurrencies, Binance says the integration brings crypto into everyday life for the tens of millions of Brazilians that use the wildly popular central bank-run Pix payments platform. Richard Teng, CEO, Binance, says: "Integrating Pix, a remarkable development by the government of Brazil, with Binance Pay marks a revolutionary step forward, combining the speed and accessibility of Brazil's instant payment system with the global reach and innovation of Binance."
