each time that I think that this cross-border space between Brazil and the world has reached its maximum amount every year,

every year, we all are steadily, steadily, steadily.

79% of music consumers typically would divide their purchasing to installments, so this is a reality, it has been a reality.

Now, we are also integrated with NOPE, which offers the user the capability to make a purchase with enough short motion

and have the interest rate defined by no bank itself in the checkout process.

What we are focused on is to make the financial products available for merchants that don't have a local entity and a local structure in Brazil

so that they can great further customer base the same experience that a local eco-mess player can provide.

Brazil is home to the largest economy in South America and has been since the 1960s, but though most of the decades since then have been characterized by globalization,

the Brazilian economy remained according to the Council on Foreign Relations, one of the most closed in the world.

But that's changing and quickly, trade as a percentage of GDP had bounced between 20% and 30% for the last two decades, but went from 29% in 2019 to 32% to 38% to 39% last year.

And that brings some new challenges for financial services, who are unused to lending to customers, whose incomes and expenditures cross international borders.

It may be more famous for its football and beaches and carnival, but today we're in Brazil to learn about buying our pay later and an increasingly important understanding of far-explos.

Welcome to Heartlein Money to Strangers with Brendan Lagrange.

Vinicius Fieira, Head of Business Development at Bix. Welcome to the show.

Thank you, Mr. Mitchell Brennan, it's a pleasure to be joining you.

And Vinicius, you're no stranger to the world of payments and digital commerce, so before we get into the work you're doing now with Bix, would you mind talking a little bit about your early career?

So I've been working with cross-border payments from Latin America with the world since 2012. Project building for businesses worldwide will correct the Latin American market and extract the maximum payment conversion they could in regards to the local customers.

And now you're at Bix, which is all about connecting Brazil to the world via exchange and payment technologies, and as we'll hear later credit tools as well.

So I visited Bix.com.br and I see you've got a few aspects to the business. Would you mind giving us a quick overview of the Bix group and its history, kind of hard fits together?

And if this is not making it too complicated for a single question, maybe just a little bit of context of how it fits into the Brazilian financial landscape.

Bix, it's a regulated foreign exchange bank. It exists as a company since 1989, so it's been it's been around for quite a long time.

Creating in the market as a regulated bank since 2010, as a financial institution Bix started digitizing cross-border consumption, which has started with enabling Brazilian consumers accessing worldwide products on Chinese e-cobas overall, but also worldwide merchants offering goods to Brazilian consumers.

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