GENERAL CLIMATE AND TRENDS 
General innovation climate
What is the general state of fintech innovation in your
jurisdiction, including any notable trends, innovations, innovators
and future prospects?
Fintech is a rapidly growing sector in Brazil, drawing the
attention of global investors and analysts; consequently, the
country is becoming one of the world's main fintech hubs.
Goldman Sachs estimates that Brazilian fintech companies should
generate revenues of around $24 billion in the next 10
years.
As a result of major bank crashes in the 1980s and 1990s, local
banking regulations and controls have evolved to become among the
most stringent in the world, with some regulatory requirements
surpassing those set out in the Basel regulatory framework. While
these rules provide much stability, they also create serious
hurdles for setting up and maintaining financial institutions in
the country. The financial sector is thus heavily concentrated, and
the
