Banfico Announces Expansion to Brazil with a New Subsidiary

Banfico announces the launch of its subsidiary in Brazil, Banfico Tecnologia Ltda in São Paulo. The creation of this new subsidiary closely follows the launch of Brazil’s Open Banking roadmap which started its implementation in February 2021. Banfico was already operating in Brazil through a partnership with Câmara Interbancária de Pagamentos (CIP), the clearing house for the Brazilian Payments System. With this partnership with CIP, Banfico has been successfully delivering open banking into nine banks such as Citibank, JP Morgan, and Bank of America. Kannan Rasappan, CEO, Banfico, commented: “Establishing a subsidiary in Brazil was the next logical step to leverage on our past achievements and know-how from the implementation of open banking in the UK and Europe to Latin America’s largest economy. This also shows our commitment to the open banking projects in other world regions that we are closely monitoring”.