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05/03/2022

Brazil Central Bank OKs Singapore's Shopee App as Payment Services Provider

PYMNTS.com

Shopee, the Singaporean shopping app, has gotten authorization from the central bank in Brazil to operate as a payment institution, Reuters reported Monday (May 2).

The report came from a notice in the government’s official gazette.

Shopee will be able to “manage prepaid payment accounts, in which funds must be previously deposited,” the gazette read.

Shopee is now one of the biggest eCommerce apps in the country. It has been able to attract users to its low-cost marketplace from other local companies.

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