Nasdaq partners with Nubank to expand presence in Latin America
23 September 2024 Brazil
Image: Jose_Luis_Stephens/stock.adobe.com
Nasdaq has expanded its digital bank financial technology (fintech) presence in Latin America, having agreed to provide its AxiomSL regulatory reporting solution to Nubank.
The agreement extends Nasdaq’s existing partnership with the Brazilian-based bank, which includes managing its fixed income and money market operations, and now its regulatory reporting obligations in Colombia.
According to Nasdaq, this move reflects the regional accelerating demand for third-party fintech solutions that can support a short time to market for new products and services.
Ed Probst, senior vice president of regulatory technology at Nasdaq, comments: “Digital banking services in Latin America are experiencing a period of extraordinary development, with online marketplaces, open banking, and innovative technology combining to empower a new generation of consumers.
“Nasdaq’s technology is helping to underpin the maturation of the industry, with regulatory solutions reducing time to market and providing a competitive advantage in such a fast-paced industry.”
With more than 100 million customers across Brazil, Mexico, and Colombia, Nubank is the largest fintech bank in Latin America, according to the firm.
Nasdaq has more than 50 banking and payment services clients in Latin America, comprising a range of digital and traditional banks, local and regional players, as well as Tier 1 global banks.
The provided technology includes Nasdaq AxiomSL, which supports financial and regulatory reporting requirements across 55 countries and 110 regulators, and Nasdaq Calypso, which provides the SaaS technology platform that underpins banks’ treasury, risk, and collateral management workflows.
In the last 12 months, more than half of Latin American clients adopting Nasdaq’s AxiomSL and Calypso technology have sought to expand their partnership, alongside strong growth in new customer numbers, the firm says.
The agreement extends Nasdaq’s existing partnership with the Brazilian-based bank, which includes managing its fixed income and money market operations, and now its regulatory reporting obligations in Colombia.
According to Nasdaq, this move reflects the regional accelerating demand for third-party fintech solutions that can support a short time to market for new products and services.
Ed Probst, senior vice president of regulatory technology at Nasdaq, comments: “Digital banking services in Latin America are experiencing a period of extraordinary development, with online marketplaces, open banking, and innovative technology combining to empower a new generation of consumers.
“Nasdaq’s technology is helping to underpin the maturation of the industry, with regulatory solutions reducing time to market and providing a competitive advantage in such a fast-paced industry.”
With more than 100 million customers across Brazil, Mexico, and Colombia, Nubank is the largest fintech bank in Latin America, according to the firm.
Nasdaq has more than 50 banking and payment services clients in Latin America, comprising a range of digital and traditional banks, local and regional players, as well as Tier 1 global banks.
The provided technology includes Nasdaq AxiomSL, which supports financial and regulatory reporting requirements across 55 countries and 110 regulators, and Nasdaq Calypso, which provides the SaaS technology platform that underpins banks’ treasury, risk, and collateral management workflows.
In the last 12 months, more than half of Latin American clients adopting Nasdaq’s AxiomSL and Calypso technology have sought to expand their partnership, alongside strong growth in new customer numbers, the firm says.
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