RIO DE JANEIRO, BRAZIL - Two new tools - PIX and open banking - promise to revolutionize the Brazilian banking system and, as a result, to heat up competition in the market. To prepare for this new stage, while banks are heavily investing in technology (read more below), the so-called fintechs have decided to go shopping. The startups specialized in the financial sector have expanded their acquisitions of small technology companies, brokers, and investment managers in recent months.
Scheduled to start operating on November 16th, PIX, the new Brazilian instant payment system, will change the way people pay bills and make purchases . . .