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Brazil: Regulator probes banks over competition hurdles to fintech

 |  April 23, 2019

Brazil’s antitrust watchdog Cade is investigating four banks in the country for allegedly creating competition hurdles to digital banking newcomer Nubank, reported Reuters.

Cade said Banco do Brasil SA, Caixa Economica Federal, Banco Santander Brasil SA and Banco Bradesco SA were denying requests to schedule automatic payments from Nubank clients that also were account holders at those banks.

It said the banks would be given a chance to defend themselves and then the case would be sent to the Cade’s Administrative Court, which would give a final ruling.

In a statement, Nubank said it hoped “regulatory authorities will continue to protect and stimulate industry competitiveness by ensuring that new entrants will continue to have room to innovate.”

Full Content: Reuters

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