RIO DE JANEIRO, BRAZIL - The president of Banco do Brasil (BB), Rubem Novaes, believes that the financial institution should be privatized to better compete with Fintechs (financial startups) and to adjust to the open banking model. The company is not on the list of state-owned companies to be privatized, such as the Correios (Postal Service) and Telebras.
In open banking, financial data from one bank could be shared with another bank through an API (application programming interface), to be used in Apps and third-party services. This would allow clients greater freedom and increase competition among large companies and . . .