Nasdaq Expands Digital Banking Solutions in Latin America
Strengthening Partnerships with Nubank
Nasdaq has announced a significant expansion of its digital banking solutions in Latin America by partnering with Nubank, one of the region’s largest digital banks. With over 100 million customers across Brazil, Mexico, and Colombia, Nubank will now utilize Nasdaq’s AxiomSL regulatory reporting solution. This agreement enhances their existing partnership, which already includes technology for managing treasury functions, such as fixed income and money market operations.
Responding to Growing Demand
This collaboration reflects the rising demand for third-party financial technology solutions in Latin America, driven by the rapid development of digital banking. As competition intensifies, banks require technology that accelerates their time to market for new products and services. Nasdaq currently supports over 50 banking and payment clients in the region, ranging from local institutions to tier-one global banks. Its AxiomSL solution meets financial and regulatory reporting requirements in 55 countries and across 110 regulators, ensuring compliance and efficiency.
Empowering Digital Transformation
Ed Probst, Senior Vice President of Regulatory Technology at Nasdaq, emphasized the transformative phase of digital banking in Latin America. He stated, “Innovative technology is empowering a new generation of consumers.” Nasdaq’s technology not only aids in meeting regulatory requirements but also provides a competitive edge in the fast-paced financial landscape. The company aims to support Nubank and other clients in their ambitious growth journeys.
Navigating Regulatory Complexity
Latin America’s financial system is experiencing a radical transformation, with fintech startups surging by over 340% in just six years, according to a report by the Inter-American Development Bank. This shift is mirrored in the growing popularity of non-cash payments, propelled by the region’s young demographic eager for digital solutions. However, the regulatory environment is complex, with varying requirements across countries. Brazil’s regulations focus on product types, while Mexico mandates specific licenses for fintechs. In Colombia, small banks operate under different regulatory requirements compared to larger institutions.
Broadening the Client Base
In addition to Nubank, Nasdaq has expanded its services with other notable companies, including Mercado Libre, Latin America’s leading e-commerce platform, C6 Bank in Brazil, and Bankaool, Mexico’s first digital-only bank. As a trusted partner, Nasdaq leverages its deep industry knowledge and cloud-managed services to assist over 3,500 financial institutions in tackling operational challenges while modernizing their services.
With its comprehensive technology solutions, Nasdaq is not just keeping pace with the evolving landscape but is also driving the growth of digital banking across Latin America.