Priya Patel
TLDR:
- Roberto Campos Neto, President of Brazil’s central bank, plans to establish a FinTech firm in Miami after his term ends in December.
- Campos Neto aims to use his expertise in digital tools to expand access to banking services, building on the success of the instant-payment system, Pix.
Roberto Campos Neto, the President of Brazil’s central bank, is looking to make a mark in the FinTech industry by establishing a FinTech firm in Miami following the conclusion of his term in December. Campos Neto is known for effectively managing inflation in Brazil and is now shifting his focus towards leveraging digital tools to improve access to banking services. He played a key role in the development of Pix, the central bank’s instant-payment system launched in 2020, which has garnered over 160 million users and drawn interest from the Group of 20 Nations.
Campos Neto sees Pix as a vehicle to create a more efficient and inclusive financial system in Brazil, evidenced by the reduction in population without bank accounts from 30% to 16%. The platform is used daily by 43% of Brazilian consumers, indicating its widespread adoption and success in the country’s financial landscape. Miami, with its robust FinTech ecosystem and proximity to Latin America, presents an ideal location for Campos Neto’s future venture.
However, Campos Neto must adhere to a law requiring a six-month hiatus from any financial markets role post-presidency. Despite facing criticism from President Luiz Inacio Lula da Silva over high benchmark interest rates, Campos Neto’s strong finance background and academic credentials make him a sought-after figure in the financial sector. If he transitions into the finance industry as planned, he will join a growing trend of central bank chiefs making a similar move.
