UK-based open banking platform Banfico has launched a Brazilian subsidiary, called Banfico Tecnologia.

The launch of the new subsidiary, which is headquartered in Sao Paulo, comes close on the heels of the launch of Brazil’s open banking roadmap.

Banfico CEO Kannan Rasappan said: “Establishing a subsidiary in Brazil was the next logical step to leverage on our past achievements and know-how from the implementation of open banking in the UK and Europe to Latin America’s largest economy.

“This also shows our commitment to the open banking projects in other world regions that we are closely monitoring”.

Notably, the open banking enabler had been operating in Brazil in partnership with Câmara Interbancária de Pagamentos (CIP), the clearinghouse for the Brazilian Payments System.

Through its partnership with CIP, Banfico has been offering open banking services to lenders such as Citibank, JP Morgan, and Bank of America.

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By GlobalData

Banfico’s other clients include First Bank, State Bank of India, Arab Bank, Bank ABC and Cynergy Bank.

In March 2019, IT solutions provider Gulf Business Machines (GBM) joined forces with Banfico to support the adoption of open banking solutions in Bahrain and the GCC region.

Earlier this month, Dock acquired BPP to augment banking-as-a-service (BaaS) capabilities in Latin America.

BPP is said to be a key BaaS provider in the Brazilian market.

In August, Brazilian digital lender Cora raised $116m in a Series B round of funding, which was led by Greenoaks Capital.