Henrique Pocai

I am currently engaged in discussions about the future of financial services at Columbia Business School, where I am in the company of some of the brightest minds in the industry. Fresh from an immersive deep dive into Silicon Valley companies, it's becoming increasingly clear that the trend of utilizing open-source platforms is gaining traction across the financial market. The annual FINOS study delves into both the nitty-gritty numbers and the qualitative aspects to map out the shifting landscape of open source adoption across various industries, from banking to asset management and investment funds. It's no secret that more and more organizations are hopping on the open source train, with a significant 94% allowing some degree of engagement and a noteworthy 78% attesting to increased value compared to the prior year. In the realm of financial services, leveraging open source software is akin to fast-tracking the launch of new services at a fraction of the usual cost. It offers startups the ability to swiftly develop and scale their offerings, especially when paired with cloud computing solutions. The prevalence of open source tools across the market, including widespread adoption by banks for various applications, speaks volumes about its practicality and efficiency. Amidst whispers that fintech companies are poised to snag a larger share of banking transactions from traditional institutions, the rise of open banking seems to be transforming financial transaction data into a valuable commodity. Embracing open source frameworks to build these services could pave the way for swift adaptation and alignment with market demands, while banks navigate strategies to fortify the security of open source technologies. Enter lerian, an up-and-coming startup making waves with their foray into open source solutions for the banking core. Their Midaz ledger is poised to cater to growing enterprises seeking a departure from the rigidity and high costs associated with current banking service models. Lerian boldly champions the notion that the future of the banking core lies within open source avenues, offering innovative and cost-effective solutions for the ever-evolving financial sector. For Fred Amaral, a former Dock, like me – definitely one of the top schools for Financial Services in Brazil – and for me, too, it's crystal clear: when it comes to how open source can help banks and startups pave the way for fintech's future, the right answer should be "collaboration." #FinancialServices #OpenSource #Fintech #Banking #Innovation #Technology #SiliconValleyInsights #FINOS #Startup #CloudComputing #OpenBanking #FinancialInclusion #Lerian #MidazLedger #FinancialTechnology #BankingInnovation #FutureOfFinance #TechTrends #IndustryLeaders #FinancialResearch

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Hoje li na Compound Letter de Matheus Soares do Market Makers a tradução do texto de Graham Duncan um dos grande alocadores de fortunas do mundo, fundador do East Rock Capital, LLC. Achei sensaconal e resolvi postar abaixo o texto na íntegra. Analisando o mesmo, fica claro para mim a importância de balisar expectativas e nada melhor do que iniciar essa analise sabendo quem são os "players" envlvidos. Segue o início do texto: "The Playing Field Over the last decade, I’ve interviewed and assessed more than 5,000 investment managers. One of the most important things I’ve learned in that process is what separates the great investors from the rest. The great ones view investing as a game, and they know exactly what game they’re playing. It brings to mind an observation from the philosopher Kwame Anthony Appiah: “In life the challenge is not so much to figure out how best to play the game; the challenge is to figure out what game you’re playing.” One great portfolio manager I know told the story of being driven somewhere by an analyst on a rainy night when a truck swerved and almost ran them off the road. “Why is stuff like this always happening to me?” the analyst instinctually responded. But to the portfolio manager, that response reflected a terrible mindset, whether on the road or in the market: a sense that the world is acting on you as opposed to your acting on the world. It is a mindset that is hard to change. But from what I’ve seen, great investors don’t have it. Instead, they’ve come to understand which factors in the market they can control and which factors they cannot. One way to relocate your locus of control is to frame investing (and even life more generally) as a game. This allows you to experience luck as luck, to separate the hand you drew from the playing of that hand. As David Milch, the creator of the HBO show Deadwood, put it, he realized late in life that “it’s the way you learn to play the cards you’ve been dealt, rather than the hand itself, that determines the worth of your participation in the game.” For investors, I’ve come to think of five levels of the game: 1. Apprentice — learning the game 2. Expert — mastering the game you were taught 3. Professional — making the game you were taught fit your own strengths and weaknesses 4. Master — changing the game you play as part of your own self-expression and operating at scale 5. Steward — becoming part of the playing field itself and mentoring the next generation.." A seguir o link para o blog com o texto "The Playing Field" ENJOY!! thanks to Graham Duncan https://lnkd.in/d8ja83sQ

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Today was a day to thank the Central Bank of Brazil for its trust and everyone who supported it (Inter, Hamsa, CAIXA, Cartão Elo, ABBC - Associação Brasileira de Bancos, Safra, Bradesco, Banco do Brasil, 7COMm - People and tech to transform, BBChain) so far in Microsoft ZKP Nova (https://lnkd.in/d8t4V8mG) validation and convergence tests. The hard work continues for the next 14 months. On 04/22/2024 (https://lnkd.in/dj6hxmF7), Roberto Campos had already announced Microsoft's support in the DREX pilot, and today at the Drex Forum (https://lnkd.in/du7xCyjC - minute 25), it was also mentioned that Microsoft's privacy solution, is under analysis by the Banco Central do Brasil. The bar is high to cover the proposed trilemma, which is why Brazil is a global reference, and Microsoft is in the game to support it. Herculean hugs and huge thanks to everyone who has supported this far and will continue to support, especially my friends Bruno Grossi, MSc, Arnaud Lanna and Bruno Moniz, for all the feedback and code adjustments, in addition to Hamsa Adam Zbar, Francisco Prestes, Henrique Teixeira, Arthur Virzin, Hubert Wu, beyond Sergio Roberto Medeiros from 7Comm. Srinath Setty Peter Walker, PhD, Eduardo J. Joia, Fabio Saito Alexandre Teoi Pedro Travi, Anna Hester, Roberto Soria, Fabrício Soares (He/him), Kleumer Siqueira, Angelo Caceres, Tania Cosentino, Joshua Tessier Kathleen Woodard Kleber Tsunoda Brent Truell Sean Foley Hemanth Sundararaj #drex #privacy #microsoft #zkpnova

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As Brazil's population ages in the coming decades, the country faces the end of its demographic boom. Neither the public pension system nor current incumbents are prepared for the rapid growth of the elderly population. Stay is stepping up with a digital private pension platform, creating a new and modern way to save for retirement while unlocking tax benefits.   Excited to build a better future together with Tsai Chi-yu, Nicolas Frajhof, Caio Elias, and Pedro Paulo Iglesias! https://lnkd.in/d-G9zjhY

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𝐖𝐡𝐞𝐧 𝐁𝐚𝐚𝐒 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦𝐬 𝐃𝐞𝐜𝐢𝐝𝐞𝐝 𝐓𝐨 𝐏𝐥𝐚𝐲 𝐓𝐡𝐞 𝐁𝐢𝐥𝐥𝐢𝐨𝐧-𝐃𝐨𝐥𝐥𝐚𝐫 𝐆𝐚𝐦𝐞 𝐢𝐧 𝐐4 2024! Looking back at our 2024 𝐐4 𝐄𝐦𝐛𝐞𝐝𝐝𝐞𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐫𝐨𝐮𝐧𝐝𝐮𝐩 (if you missed it last week), here's the visual snapshot that tells the whole story. The data is simply too compelling not to reshare! 📊 3️⃣ massive trends that caught my eye: 👉 𝐁𝐚𝐚𝐒 𝐢𝐬 𝐡𝐚𝐯𝐢𝐧𝐠 𝐢𝐭𝐬 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐦𝐨𝐦𝐞𝐧𝐭: Traditional banks are finally embracing platform banking - HSBC, Getnet, and others are making serious moves. The 'build vs buy' debate? It's shifting to 'partner and scale.' 👉 𝐌𝐨𝐧𝐞𝐲 𝐢𝐬 𝐭𝐚𝐥𝐤𝐢𝐧𝐠 (𝐥𝐨𝐮𝐝𝐥𝐲!): $1B+ in fresh capital isn't just funding - it's a vote of confidence. YouLend's $1B facility and Sunbit's $355M raise show institutional investors are betting big on embedded finance. 👉 𝐂𝐫𝐨𝐬𝐬-𝐛𝐨𝐫𝐝𝐞𝐫 𝐁𝐚𝐚𝐒 𝐩𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩𝐬 𝐚𝐫𝐞 𝐛𝐨𝐨𝐦𝐢𝐧𝐠: Fascinating to see platforms like Lunar+Saldo Bank and WealthKernel+Griffin creating new embedded banking corridors. Geography is becoming history. 🤔 What strikes me most? We're finally moving from the "𝐰𝐡𝐚𝐭 𝐢𝐟" to the "𝐰𝐡𝐚𝐭 𝐧𝐨𝐰" phase in embedded finance. The infrastructure gets real, the money flows, and the partnerships go global. 🔍 Want the full story? Our complete Q4 Embedded Finance roundup is live on our website. Dive into the detailed analysis and insights now:  https://lnkd.in/grjJbJ8V #EmbeddedFinance #Fintech #BankingAsAService  _____ Like 👍 | Comment 💬 | Repost 🔄 | Let’s Connect 🤝

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Last week, SP Ventures had the pleasure of joining other Brazilian players at the GIIN Impact Forum (The Global Impact Investing Network), one of the world’s leading events on impact investing. 🌎✨ The event brought together investors, managers, and experts from around the globe to share insights and discuss the practices shaping the future of purposeful investments. It was a unique opportunity to stand alongside industry leaders, exploring innovative approaches to address social and environmental challenges. It was especially valuable to highlight the tremendous potential of Latin America—not only for its critical role in nature-based solutions but also due to the increasing maturity of conversations on impact and sustainability across the region. With its unique biodiversity and strong regenerative practices, Latin America emerges as one of the most promising regions for impact investments. It’s inspiring to be part of such insightful, in-depth discussions that emphasize the importance of aligning capital with impact for a more sustainable future. We're committed to taking the next steps, positioning Latin America—and particularly the agro and food sectors—as essential players in this global journey.🌱 #ImpactInvesting #SustainableFinance #LatinAmericaImpact #AgriTech #FoodTech #NatureBasedSolutions #SPVentures #GIINImpactForum #InvestWithPurpose #SocialImpact #EnvironmentalImpact #FutureOfFinance

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🤝 在支付的世界里，我们深知，真正的稳健并非一蹴而就。我们的支付服务之所以能在巴西和墨西哥市场稳健发展，是因为我们始终将建设支付渠道视为一个全新的起点，而非终点。我们理解并尊重每个市场的独特性。我们专注于支付的全流程管理，从渠道建设到日常运营，再到不断的技术迭代和客户反馈的整合。 In the world of payment services, we understand that true stability is not achieved overnight. The reason why our payment services have been able to develop steadily in the Brazilian and Mexican markets is because we always regard the construction of payment channels as a new starting point, not the end. We understand and respect the uniqueness of each market. We focus on the comprehensive management of the entire payment process, from channel construction to daily operations, and then to continuous technological iteration and integration of clients' feedback. #ebanx #Brazil #Mexico

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Brazil's economic landscape is echoing the tumultuous 2015-2016 period that many would like to forget. With the Brazilian real plummeting to R$6.30 per US dollar and public debt projected to spiral to over 87.6% of GDP, we must ask ourselves: are we on the brink of a crisis? However, it’s not all doom and gloom. The Central Bank's optimistic GDP growth forecast of 3.2% for 2024 contrasts sharply with the -3.6% experienced just a few years back. This suggests that effective governance and fiscal tightening can set Brazil on a more sustainable path. As President Lula da Silva enacts significant spending cuts, the challenge lies in balancing fiscal responsibility with fostering economic growth. Can Brazil navigate these challenges without sacrificing public welfare? The stakes have never been higher, and the world is watching closely.

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A must listen for all VEF followers, as Sergio Furio, CEO and founder of Creditas, gets into it with Olga Maslikhova on LATAMs leading tech pod The J Curve. We have been privileged to have a front row seat in the Creditas journey since 2017, and within this conversation one can feel how hard it is to build a truly successful scale business, through market and macro volatility, covid and everything in between. Creditas is up there with VEF hall of fame investments Tinkoff , iyzico, Konfío and JUSPAY and is very much still compounding value for all our shareholders. Listen Enjoy Invest Barbaros Ozbugutu, Oliver Hughes, David Arana, Vimal Kumar, Sheetal Lalwani

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GYRA+ enables financial and non-financial institutions to underwrite credit to SMBs and individuals in Brazil. The problem is huge and the opportunity is massive! Thanks for the conversation David Feliba and Fintech Nexus

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Third time's a charm! Next week I'll be in Vegas, this time representing OZ Corretora de Câmbio. Let's talk payments in Latin America, Pix, FX, how Vegas can be too much... you pick the topic! DM me, and let's meet :) #latinamerica #pix #brazil #paymentmethods #crossborder #payments

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Brazil Local Fixed Income closing commentary: Is it still Monday? Are we still in August? Those are the kind of questions I have been asking myself today. With this huge volatility in markets, it is exhausting and very difficult to track the time. Everyday feels like a month as the volatility of the markets consumes you. Today it started with a massive risk-off sentiment coming from Japan, with equities melting, tightening rates and big moves in FX. We woke up in this environment not sure what would be the local assets reaction. In fact, it was quite distinct. The BRL opened depreciating considerably, but overperforming its peers, while local rates, opened with some severe tightening following the global trend of fear of recession in the US. It was quite amazing how the scenario in the US changed 180 degrees with a couple of softer data. The market reaction has been fast and furious. At some point, not long ago, it was priced that the easing cycle of the US would only start in December, now the market is already considering inter-meeting cut? That is how brutal the market is changing its opinion and locally we are in the middle of this storm. Later in the day we have the release the services ISM figures in the US, which stronger than expected and contained a bit the recession panic. In local assets, BRL continued its outperformance, become the best EM currency in the day. Local yields in the end tightened 5-8bps across the curve depending on the tenor. Tomorrow we will have the last Copom meeting minutes and I believe the committee will reinforce the message of the post-meeting communique and increasing the importance of the external scenario and the reflects it could bring to our currency and eventually our inflation. Other than that, the Central Bank’s weekly Focus did not bring much news, with the median of IPCA inflation estimates increased 2 bps for 2024 (to 4.12%) and 2 bps for 2025 (to 3.98%). For 2026, the median of inflation expectations remained at 3.60%. The median of GDP growth expectations increased 1 bp for 2024 (to 2.20%) and declined 2 bps for 2025 (to 1.92%), while remaining stable for 2026 (at 2.0%). Finally, the median of year-end Selic rate expectations stood at 10.50% for 2024 (its current level), rose 25 bps to 9.75% for 2025, and remained at 9.00% for 2026. Last but not least important, I invite you to listen the last episode of Itaú Views podcast, which I contributed. Just a disclosure, that the volatility of the markets and the change in the scenario was so big, that some the opinions or points of views are maybe already old. https://lnkd.in/dZUFN4n5 Good evening, Ed Disclaimer: “This material was prepared by Local Fixed Income trading desk of Itaú Unibanco, based on reliable public sources, not reflecting the opinion of Itaú Unibanco and the area responsible for its creation and it should not be considered as an analysis or consulting material of investments”.

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🌎 🇧🇷 Product innovation created in rising markets, changing the digital economy: We shared with the world's leading news outlets a historic moment in the digital payments market. For the first time, in 2025, an instant payment method will surpass credit cards in value transacted in online purchases in Brazil. The PCMI’s projection for 2025 estimates that Pix will account for 44% of this value, while cards will have a 41% share. Pix has been serving as a gateway to digital commerce. It has positively impacted not only the financial and digital inclusion of Brazilians but also the businesses of merchants who offer this payment method to their customers. Alongside Pix's growing popularity, credit cards maintain relevance and strength in Brazil, with a projected annual growth rate of 21% until 2027. This is proof that merchants should not focus on one method or the other, but rather have a combination of methods, tailored to their vertical and the country they are focusing. #payments

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DECUMULATION IDEAS #55. #G20 President #Brazil leading the way on #pension regulation and lots to be learned by the US (Hank Kim Joshua Rauh ), UK (Henry Tapper ), NL (Roland van den Brink Daniel Mantilla-Garcia, PhD ), Australia (Anup Basu ) and ROW (Stefan Lundbergh ). H/t Natália Cysne, CFA, CFP®, 🏳️‍⚧️ The #Brazilian #MinistryOfFinance (Tesouro Nacional) has proposed that #brazilian #pensionfunds adopt mark-to-market accounting for both assets and liabilities, a practice already used by developed countries like Canada. Currently, pension funds in Brazil mark their liabilities at book value, which can overestimate the size of the liability and encourage investments only in government and short-term bonds. The proposal aims to change this rule so that all assets receive the same accounting treatment. According to #MarcosPinto, Secretary of Economic Reforms, this change is crucial to address solvency issues and encourage long-term investments. The proposal, still under negotiation with agencies such as PREVIC - Superintendência Nacional de Previdência Complementar, aims to reduce the mismatch between assets and liabilities. Although it faces resistance from the sector, which fears increased volatility and market uncertainty, the measure seeks to improve the accuracy of results and the financial stability of pension funds, following successful international examples.

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Tech Innovator Award Finalists in Brazil! We are thrilled to spotlight five visionary startups that are finalists for the Tech Innovator Award by KPMG Brasil! Each of these groundbreaking companies is pushing the boundaries of technology to tackle critical challenges and make the world a better place. Here’s how they are connecting technology with real-world impact: 1. Huna Huna - Vinicius Ribeiro Sector: HealthTech Imagine a future where detecting multiple types of cancer is as routine as a blood test. Huna is making this a reality by combining AI with routine blood exams, transforming early cancer detection and improving treatment outcomes. Their technology is not just advancing diagnostics—it’s reshaping our approach to cancer care. 2. PBSF – Protecting Brains & Saving Futures - Gabriel Variane Sector: HealthTech In the race against time for premature babies, PBSF leads with its Digital Neonatal Neurological ICU (Neon ICU). By integrating telemedicine, AI, and continuous monitoring, PBSF is protecting the most vulnerable newborns from brain injuries, gathering invaluable data to drive future innovations. Their work ensures every tiny brain gets the best start possible. 3. Orby, Co. - Duda Franklin Sector: HealthTech Orby.co is revolutionizing neuromodulation with a deeptech solution that stimulates neuroplasticity to repair damaged nerve pathways. Using non-invasive electrical stimulation, Orby enhances recovery for patients with neuromotor dysfunctions, demonstrating how advanced technology can lead to holistic healing and improved quality of life. 4. so+ma - Claudia Pires Sector: CleanTech In the world of recycling, SO+MA is setting new standards with its Recycling Incentive Program. By rewarding citizens for recycling and offering its methodology as SaaS, SO+MA is promoting environmental responsibility and creating a culture of sustainability. They are proving that even small actions can lead to significant impacts on our planet. 5. Abstra - Bruno Vieira Costa Sector: SAAS Abstra is democratizing solution development with its Python-based, AI-powered tool. By making workflow creation accessible to everyone through a Smart Console that interprets natural language and translates it into machine code, Abstra allows users to interact in real-time with every stage of the process, simplifying solution building for everyone, even those without programming experience. These startups are not just finalists—they are pioneers shaping the future of health, sustainability, and technology. Stay tuned as we celebrate their remarkable achievements and innovations. #TechInnovator #Innovation #Startups #HealthTech #CleanTech #SAAS #AI #KPMG Carolina de Oliveira Jean Paraskevopoulos Neto Gustavo Grigorine Conor Moore Lindsay Hull Hazel Panter

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The Catalyst for Brazil's Innovation Boom #30anosdoReal The graph below shows Brazil's monthly inflation rates over the past decades. The Plano Real, implemented in 1994, put an end to the hyperinflation that once reached 82.39% in a single month in 1990. Before that, the economic environment was a roller coaster, and doing business in Brazil was extremely challenging. Entrepreneurs weren’t just heroes—they were SUPER HEROES. The Plano Real brought stability, which was crucial for attracting long-term investments. Along with privatization efforts across various sectors, this allowed Brazil to rebuild critical infrastructure, including in telecom, setting the stage for modern innovation. A new wave of innovation has flourished since 1994. Endeavor entered Brazil in 2000, CUBO Itau was founded in 2015, and landmark startups like iFood (2011) and Nubank (2013) emerged. In its seed pitch, Nubank highlighted its online distribution strategy, citing a WSJ article: "Brazil: The Social Media Capital of the Universe." Today, Nubank is the world's largest digital bank outside of Asia. As we celebrate the Plano Real's 30th anniversary, we also honor the ingenuity and resilience of Brazil's entrepreneurs who, present through economic turbulence and stability alike, ignited this new cycle of innovation and will continue to spread opportunities in the cycles ahead. The Plano Real unleashed Brazil's new innovation era, setting the stage for a thriving startup ecosystem that continues to evolve and inspire. https://lnkd.in/g4GziiND

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