By Amanda Lima and Luis Eiras

In a speech during the inauguration ceremony held on March 13, 2019, the new president of the Central Bank of Brazil (BACEN), Roberto de Oliveira Campos Neto, listed a series of measures he intends to take to make the Brazilian banking and credit market more dynamic.

The highlight was the use of digital platforms known as “Fintechs”, mentioning recent advances, such as the creation of Direct Credit Societies (SCD) and Peer-to-Peer Lending Societies (SEP), both regulated by CMN Resolution No. 4,656/2018. In general terms, they differ in that the SCD operates with its own resources and cannot raise funds on the market, while the SEP acts as an intermediary for those who have resources to lend to those who need credit.

For Roberto Campos, the Fintechs can bring strong incentives to competition in the banking market and, therefore, must continue to be explored, organized and regulated.

In addition to incentives for the use of technology platforms, the statement was emphatic regarding measures aimed at reducing bureaucratic costs and simplifying tax rules and market access.

It is important to highlight that the measures indicated by the new President of the Central Bank aim to further promote the Fintech market, which are important for the development of this new business plan in Brazil.

We will be attentive to the movements that should occur in the banking and payment methods sectors due to the approach that BACEN should adopt in this new management.