Brazil’s Banks step up criticism of fintechs: “Those needing credit knocked on the right door”

Chairman of the Brazilian Federation of Banks (FEBRABAN) Isaac Sidney opened the CIAB banking technology conference strongly criticizing fintechs. He said that while Brazil saw its economy plunge 4%, "banks, not fintechs, provided families and companies with unprecedented volumes of credit."

RIO DE JANEIRO, BRAZIL - Chairman of the Brazilian Federation of Banks (FEBRABAN) Isaac Sidney opened the CIAB banking technology conference strongly criticizing fintechs. He said that while Brazil saw its economy plunge 4%, "banks, not fintechs, provided families and companies with unprecedented volumes of credit."

He said the coronavirus pandemic posed new challenges, but those who needed banks were not left unattended. "Those needing credit knocked on the right door: the door of banks, which have not closed a single day since this crisis began." A total of R$4.5 trillion (US$897 billion) in credit was granted since . . .

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