Shopee Authorised to Operate as Payment Institution in Brazil

Shopee Authorised to Operate as Payment Institution in Brazil
Photo: REUTERS/Edgar Su 03.05.2022 413

The Singaporean shopping app Shopee, owned by Sea Ltd, received authorization on Monday from Brazil's central bank to operate as a payment institution. 

Shopee will be able to "manage prepaid payment accounts, in which funds must be previously deposited," the official gazette said.

Shopee has become one of the most-downloaded e-commerce apps in Brazil, drawing users to its low-cost marketplace from other local companies.

It should be mentioned that Shopee ceased operations in India in March of this year, less than 6 months after launching. According to a Reuters source, Shopee's decision to leave India was in part due to strict regulatory oversight.

Source: Reuters

digital markets  Brazil 

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