Fintechs Face New Rules in Brazil as Cyberattacks Show Gaps (2)

Brazil’s central bank tightened rules for smaller fintechs after cyberattacks and a crackdown on organized crime exposed security gaps in the financial system.

The regulator imposed a 15,000 reais ($2,775) limit for wire transfers, including through the instant payments system Pix, for institutions that haven’t yet received authorization from the central bank. The regulators also moved up the deadline for firms to get that authorization to May 2026 from December 2029.

Larger fintechs such as Nu Holdings Ltd. and MercadoLibre Inc.’s Mercado Pago aren’t affected, because they control subsidiaries that are already authorized by the central bank.

Gabriel Galipolo

Photographer: Ton Molina/Bloomberg

The ...