Roberto Campos Neto, the president of Brazil’s central bank, is reportedly planning to establish a FinTech firm in Miami following the conclusion of his term in December.
Campos Neto, who is renowned for his successful management of inflation in Brazil, aims to use his expertise in digital tools to broaden access to banking services, Bloomberg reported Thursday (March 14), citing unnamed sources.
During his tenure as the head of Brazil’s central bank, Campos Neto demonstrated a keen interest in leveraging technology to enhance banking services, according to the report.
Among his achievements is the development of Pix, the central bank’s instant-payment system launched in 2020, the report said.
The platform has since amassed over 160 million users, per the report. It has also piqued the interest of the Group of 20 Nations, who are considering its adoption to expedite and reduce the cost of cross-border payments.
It was reported in February that Campos Neto sees Pix as a tool to build a more efficient and inclusive financial system in Brazil. While around 30% of the country’s population lacked bank accounts before Pix’s launch, only 16% of the population is now without a bank account.
Forty-three percent of Brazilian consumers use Pix on a daily basis, according to “Promising Payments: Digital Payments Gain Ground in Latin America,” a PYMNTS Intelligence and Galileo collaboration.
Miami, known for its vibrant FinTech ecosystem and proximity to Latin America, is an attractive location for Campos Neto’s proposed venture, according to the Thursday report by Bloomberg.
However, he must first comply with a law that mandates a six-month hiatus from any financial markets role following his central bank presidency, the report said.
If he transitions into the finance industry, Campos Neto would follow in the footsteps of other central bank chiefs who have done the same, per the report.
His strong finance background, which also includes roles at Santander Americas and Banco Bozano Simonsen SA, and academic credentials from the University of California and the California Institute of Technology, make him a coveted figure in the financial sector, according to the report.
At the same time, Campos Neto has faced frequent criticism from President Luiz Inacio Lula da Silva over the nation’s high benchmark interest rate, per the report.
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