Mercado Libre announced on Monday that it received an endorsement from the Brazilian Central Bank to act as a financial institution through its arm Mercado Pago.
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According to Tulio Oliveira, Mercado Pago’s VP, with the authorization, the group will have greater autonomy to formulate financial and credit products and services.
“Besides, we can now access different sources of financing, which will complement the company’s funding strategy,” said Oliveira in a statement.
(Translated and co-written by LABS)
