SAO PAULO (Reuters) – Shopping app Shopee has received authorization from the Central Bank (BC) to operate as a payment institution in Brazil.
SHPP Brasil Payment and Payment Services Institution, controlled by SHPP Brasil Participações, will be able to “manage a prepaid payment account, in which funds must be deposited in advance”, according to the BC definition for the modality authorized to Shopee. The authorization was published in the Official Gazette this Monday
Shopee has become one of the most downloaded e-commerce apps in Brazil, attracting users from local competitors to its marketplace. The company is controlled by Sea, based in Singapore.
Sea and Shopee’s Brazilian operation did not immediately respond to a request for comment.
(By Carolina Pulice and André Romani)
