Singapore's Shopee authorised to operate as payment institution in Brazil

THE Singaporean shopping app Shopee, owned by Sea, received authorisation on Monday (May 2) from Brazil’s central bank to operate as a payment institution, according to a notice in the government’s official gazette.

SHPP Brasil Payment Institution and Payment Services, controlled by SHPP Brasil Participacoes, will be able to “manage prepaid payment accounts, in which funds must be previously deposited”, the official gazette said.

Shopee has become one of the most-downloaded e-commerce apps in Brazil, drawing users to its low-cost marketplace from other local companies.

Singapore-headquartered Sea and its Sao Paulo-based company did not immediately respond to a request for comment. REUTERS