How new BC regulation affects fintechs, ‘self-made’ Brazilian billionaires and what matters in the market

ANDsta is the edition of newsletterr FolhaMercado this Tuesday (27). want to receive it from monday to Friday at 7 am In your email? Sign up below:

New BC regulation affects fintechs

The BC announced this Monday (26) a regulatory change that, in practice, approximates the fees charged in transactions with prepaid cards (issued by fintechs) and debit cards (issued by traditional institutions), which ends up affecting banks’ revenue. digital.

The measure will take effect from April 1, 2023.

Understand: the change will be in the interchange fee, which is how much the acquirer (machine company) charges the merchant for each transaction to remunerate the card issuer.

• Today, the rate for prepaid cards, which goes to digital banks, is 1.1% The 1.5%, average. With the change it will fall to 0.7%.

• The debit fee, which had a cap of 0.8% but an average cumulative charge of 0.5%, has been simplified to the cap of 0.5%.

why it matters: the big difference between the rates was criticized by the banks, represented by Febraban, who complained about regulatory asymmetry in favor of fintechs.

• This Monday, Nubank informed the market that, if the changes had been in effect since July 2021, its revenue would have been negatively affected by 2.9%.

• Brazilian fintech shares on the New York Stock Exchange ended lower. Nubank retreated 4.45% and PagSeguro fell 7.96% –the company belongs to Grupo UOL, which has a minority and indirect stake in Grupo Folha, which publishes the Sheet.

the BCwhich initially had suggested the same ceiling of 0.5%, says that it opted for a differentiated limit “recognizing the importance [dos cartões pré-pagos] for the financial inclusion of the lower income population and for the digitalization of the payment activity”

• Zatta, which represents fintechs, says the new rule takes into account “the important role of prepaid cards for financial inclusion”.

• Febraban says the resolution helps to reduce differences in fees on prepaid and deposit accounts, even if they have not been fully eradicated.

The richest self-made Brazilians

Forbes released its list of self-made billionaires. Among the self-made tycoons are ten Brazilians.

Understand: the term is used to define entrepreneurs who have grown their coffers from their own work, and not only from external conditions, such as inheritances.

• The Forbes survey captures the equity of each one and its main parameter is the shareholding in companies listed on stock exchanges. The date chosen as a reference for accounting was May 31, 2022.

Top 5: see who are the richest self-made Brazilians:

• Jorge Paulo Lemann: with BRL 72 billion, is one of the founders of 3G Capital, an asset manager specializing in the consumer sector. She has stakes in Belgian-Brazilian AB InBev (from brands like Stella Artois and Budweiser) and Restaurant Brands International (Burger King and Kraft Heinz).

• Eduardo Luiz Saverin: owner of a fortune BRL 52.8 billionis a co-founder of Facebook (now Meta), alongside Mark Zuckerberg and three other colleagues.

• Marcel Herrmann Telles: has BRL 48 billion and is one of the partners of 3G Capital. He is also a major shareholder in ClearSale, anti-fraud and credit score solutions.

• Carlos Alberto da Veiga Sicupira: with BRL 39.85 billioncloses the trio of 3G Capital’s main shareholders.

• Luciano Hang: accumulates BRL 24.5 billion being the sole owner of the Havan department store chain, with 100 physical stores across the country and over 15,000 employees.

See here the other five billionaires who complete the top 10 of the richest self-made Brazilians.

Dollar rises more in Brazil

In a sour, risk-averse global environment, the real had the worst performance against the dollar among the major currencies on Monday. The US currency closed higher 2.43%, quoted at BRL 5.37but hit R$5.41 during the day.

The Ibovespa also had a worse day than the main indices abroad. The Brazilian stock market fell 2.33%to the 109,114 spots.

What explains: Analysts attribute much of the real’s depreciation to a global appreciation of the dollar, which has renewed its value against hard currencies to its highest since 2002.

• The proximity of the elections here, which in itself is already a risk factor for the markets, may have contributed to the real having fallen more than other currencies.

the day has been set by the devaluation of the pound sterling, which started the session at a historic low against the dollar, at US$ 1.035, and closed in US$ 1,068recovering part of the losses.

In numbers: despite the decline on Monday, the real is the currency that appreciates the most against the dollar in the year when compared to other main currencies.

• The high is from 3.43% in the period, largely because the BC got ahead of its peers in the cycle of high interest rates.

• Pound performs worst and plummets 21% accumulated in 2022.

The Jobs Nobody Wants in the US

In an American job market still heated, making it difficult to control inflation, some sectors were especially affected by the “big resignation” in the US and continue to struggle to attract workers.

Understand: the problem is in the service sector, especially in face-to-face customer service jobs, which saw a mass layoff movement between 2021 and 2022 motivated by low wages. So far, the workers have not returned.

• This list includes the vacancies for dishwashers, truck drivers, salespeople, waiters, airport agents, home nurses, etc.

What explains: these functions, which usually pay less, are at a disadvantage at times like the current one, when there are two openings for every person looking for work.

• The big chains even offer bonuses for hiring, but experts point out that Americans don’t just want more money, but also better working conditions, as well as stability.

• In the first year of the pandemic, 68% of the dead in the US were manual, retail and service workers.

• The retirement of the Baby Boomers (the generation born between 1946 and 1964) in the wake of the pandemic and the lower influx of immigrants into the US are also pointed out as factors for the excess of vacancies in the country.