Since the early 2000s, Brazil has been the stage for a series of regulatory reforms and innovations led by the Central Bank (BC), which have transformed how the financial system operates. These efforts have paved the way for a robust and competitive financial ecosystem, internationally recognized for its adoption of cutting-edge technologies and the creation of an environment conducive to fintech growth and new business models.
Milestones of financial evolution
One of the first recent milestones in this trajectory was the restructuring of the Brazilian Payment System (SPB) in 2002, which brought greater agility and reliability to financial transactions. In the following years, other initiatives reinforced this evolution, such as the creation of the Positive Credit Registry, the “grandfather” of Open Banking.
The goal was to facilitate access to credit, creating a positive credit history for consumers and promoting financial inclusion, while enabling personalized credit offers.
In 2011, the check image clearing system brought significant gains in efficiency and sustainability, eliminating the need to physically transport checks, reducing costs and environmental impact, and speeding up processes.
Two years later, in 2013, the BC introduced regulations for Payment Institutions (PIs), creating space for the emergence of fintechs and technology companies in the payments sector.
The founding of ABFintechs
In 2016, under the leadership of Ilan Goldfajn, the regulator launched the BC+ Agenda, an innovative proposal in the Brazilian context that focused on key areas for the development of the financial system, such as promoting financial citizenship. It also encouraged modern legislation, the creation of a more efficient financial system, and a reduction in the cost of credit.
The same year marked the foundation of ABFintechs, which has since acted as a crucial point of contact between the BC, other regulatory entities, and the fintech ecosystem.
ABFintechs’ presence has facilitated dialogue between regulatory agencies and financial startups, creating a two-way exchange of ideas that has driven innovation with security and responsibility.
A new leadership phase at the Central Bank
In 2019, with Roberto Campos Neto assuming the presidency of the Central Bank, a new phase began. The regulator obtained autonomy, ensuring independence to conduct its policies and maintain a focus on citizen-centered financial systems.
Under this autonomy, Campos Neto expanded the initiatives of the BC+ Agenda, consolidating Brazil as a global reference for financial innovation.
Agenda BC#: Expanding access and promoting competition
The BC# Agenda continued to promote financial citizenship, broadened access to banking services, and sought to increase competition, facilitating the entry of new players into the market and encouraging more transparent communication to offer greater security for consumers.
Additionally, the agenda included financial education and reinforced a commitment to sustainability, with environmental, social, and governance (ESG) practices as priorities within the financial system.
Innovations such as the PIX, Open Banking—which evolved into Open Finance—and DREX have enhanced competition among financial institutions, promoting a more inclusive and equitable digital financial ecosystem.
As a new leadership cycle for the BC approaches, it is expected that the agenda will continue to evolve, responding to societal demands and keeping pace with technological innovations. In this scenario, the role of ABFintechs continues as a bridge between the BC and the private sector, facilitating dialogue between fintechs and regulators.
📌 Article originally published in Finsiders Brasil.