The Singaporean shopping app Shopee, owned by Sea Ltd, received authorization on Monday from Brazil's central bank to operate as a payment institution.
Shopee 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.
It should be mentioned that Shopee ceased operations in India in March of this year, less than 6 months after launching. According to a Reuters source, Shopee's decision to leave India was in part due to strict regulatory oversight.
Source: Reuters
