In early May, the Brazilian Central Bank made a significant contribution to Brazil’s growing tech ecosystem when they announced the launch of a virtual innovation lab to support the development of new fintech projects and foster discussion about regulations in the industry. The center, called the Laboratory of Financial and Technological Innovations (LIFT) will act as a “pre-incubator” for extremely early stage projects to get a boost.
Startups, students, and even established fintech companies can access resources through the LIFT website by applying for support. Projects will be evaluated for their relevance to the Brazilian Central Bank’s goals. A committee made up of Central Bank officials and National Federation of Central Bank Servants (FENASBAC) will decide on which projects receive support.
The goal of this initiative is to create more technology products that are aligned with the Brazilian Central Bank’s agenda to create “more financial citizenship, cheaper credit, a more efficient financial system, and more modern legislation.” Selected projects will then receive technology support from the Central Bank’s partners.