Diario16: Administrative Council for Economic Defense (Cade) of Brazil is analyzing GetNet's hiring by Santander (SANB4) had practices against the competition

According to the Reserved Report website, the collegiate of advisors to Cade (Administrative Council for Economic Defense) gathers strong evidence that GetNet, the Spanish bank's machine company, used competitor master data to offer its services. had access to someone else's base is still a mystery.

According to the UOL website, Cade questioned Santander about hiring Getnet, the credit and debit card machine company that it owns, as a condition for opening current accounts by merchants. The agency also asked if the bank has already imposed sales targets for customers using GetNet. I also wondered if the card machine has ever required a merchant to have a Santander account to close a contract.

Cade is investigating whether Santander is using information from other accredited companies to offer products to its customers or if it offers discounts on the purchase of bank products. The Brazilian antitrust agency (Cade) also requested the bank information on whether the entity has special policies for those businesses that use only GetNet machines and if they impose fines for those that do not meet the sales objectives.

Banco Santander (SAN) decides to replicate Brazilian fintech Superdigital in other countries

Bank Santander has announced that it will replicate in other countries the model of Superdigital - Brazilian fintech (financial technology) that offers services such as transfers, payments and prepaid card. Superdigital aims to reach 5 million customers in Latin America by 2023. The goal is to bring the business model that fintech adopts in Brazil to Mexico, Peru, Colombia, Argentina, Chile, and Uruguay. Created in 2012, Superdigital received investments from Santander in 2014. Then, in 2016, fintech was fully controlled by the bank. Not long ago, Superdigital arrived in Chile.

This growth shows that the Brazilian banking sector has decided to expand digital banking. There are already some European fintechs coming to the Brazilian financial market and some midsize banks are transforming with new technologies. Analysts, however, say there will be no room for all companies. Therefore, the sector in Brazil should soon face a phase of consolidation.

With Superdigital Santander wants to operate in the cloud and fully online. This decision indicates an important behavior change in the financial market. By the end of 2019, Santander wants to launch the Pi Platform that will allow it to buy and sell ETF shares and real estate funds via the internet.