Last Monday (2) the Central Bank's authorization was published in the Official Gazette for the online shopping site Shopee to operate in Brazil as a financial institution.
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SHPP Brasil Payment Institution and Payment Services Ltda, controlled by SHPP Brasil Participações Ltda, has the permission to “manage prepaid payment accounts where funds must be pre-deposited,” as per the Publication.
The Chinese platform is owned by Sea Ltd, which is located in Singapore, and was created in 2015. The Shopee app arrived in Brazil in 2019 and is now the most downloaded app in Brazil.