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Brazilian Government Opens the Domestic Market to Foreign Investments in Fintechs
7 de November de 2018
On October 29, 2018, the Brazilian Government issued Decree 9,544/2018, which allows foreign investors to hold up to 100% of shareholder control of either Direct Credit Entities (“Sociedades de Crédito Direto – SDEs”) or Peer-to-Peer Lending Entities (“Sociedades de Empréstimo entre Pessoas – SEP”) registered with the Brazilian Central Bank.
Prior to the issuance of the new decree, foreign entities had to obtain a specific authorization from the Office of the President in order to enter the Brazilian Financial System, with permission being at the discretion of the Federal Government based on the national interest in allowing foreign investments in this industry.
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