Brazil’s retail giant Magalu receives CADE, Central Bank approvals to acquire ‘Hub Fintech’

This makes Magalu a payment institution regulated by the Central Bank, integrated into the Brazilian payment system, and offering PIX, Brazil's successful instant payment system.

RIO DE JANEIRO, BRAZIL - Magazine Luiza, one of the largest Brazilian retail companies, said it has received approvals from the Brazilian antitrust agency (CADE) and the Central Bank (BC) to complete the acquisition of Hub Fintech through its subsidiary Magalu Pagamentos.

With Hub Fintech, Magalu integrates a payment institution regulated by the Central Bank and integrated with the Brazilian Payment System (SPB) and the Instant Payment System (Pix).

According to the statement, Hub is not only one of the largest Banking as a Service (BaaS) platforms and a leader in prepaid card processing, but also offers services such as benefit . . .

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