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Singapore’s Shopee authorized to operate as payment institution in Brazil – Metro US

Singapore’s Shopee authorized to operate as payment institution in Brazil

The Shopee logo is seen at an office building in
The Shopee logo is seen at an office building in Singapore

(Reuters) – The Singaporean shopping app Shopee, owned by Sea Ltd, received authorization on Monday 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 Ltda, controlled by SHPP Brasil Participaçoes Ltda, 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 Ltd and its Sao Paulo-based company did not immediately respond to a request for comment.

(Reporting by Carolina Pulice and André Romani; Editing by Cynthia Osterman)

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