BRASILIA :Brazil's central bank announced tougher rules for fintechs on Friday, saying that payment institutions will be subject to regulations based on their size and complexity and raising standards for required capital.
The move is expected to affect companies such as credit card issuer Nubank, payment company PagSeguro, financial technology solutions firm StoneCo and digital wallet PicPay. The calculation of regulatory capital will disregard assets that have little or no value for payment institutions' functioning, said the central bank, noting that this will ensure companies have a greater capacity to absorb unexpected losses.
Fitch Ratings said the new framework is positive as it reduces systemic risk by raising the capital requirement for larger institutions. It added in a statement that many of the companies were already preparing for the change and no capital shortage is expected.
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