Nasdaq has announced the expansion of its digital bank financial technology footprint in Latin America by partnering with Nubank, a leading digital bank. Under this agreement, Nasdaq will provide Nubank with its AxiomSL regulatory reporting solution, Fintech Finance News reported.
This collaboration builds on Nasdaq’s existing partnership with Nubank, which already includes technology that supports the bank’s treasury operations, manages its fixed-income and money market activities, and addresses its regulatory reporting needs in Colombia.
The move highlights the growing demand for third-party financial technology solutions in Latin America, fueled by the rapid growth of digital banking in the region and the competitive need for technologies to facilitate quick product and service launches.
Ed Probst, Senior Vice President of Regulatory Technology at Nasdaq, remarked, ‘Digital banking services in Latin America are undergoing extraordinary growth, with online marketplaces, open banking, and innovative technologies empowering a new generation of consumers.
‘Nasdaq’s technology is crucial in advancing the industry, providing proven regulatory solutions that significantly reduce time to market and offer a competitive edge in this fast-paced sector. We are excited to expand our partnership with Nubank and other regional clients to support their ambitious growth plans.’
Nasdaq currently serves over 50 banking and payment services clients in Latin America, encompassing a mix of digital and traditional banks, regional players, and tier-one global banks. The technology solutions include Nasdaq AxiomSL, which meets financial and regulatory reporting requirements across 55 countries and 110 regulators, and Nasdaq Calypso, a SaaS platform that underpins banks’ treasury, risk, and collateral management operations.
Nubank is a Brazilian neobank based in São Paulo, Brazil. As the largest fintech bank in Latin America, it serves approximately 93 million customers in Brazil and an additional 8 million in Mexico and Colombia, generating a revenue of $1.69 billion.
