OKTO announced that its strategic portfolio business U4C has received approval to process payments for the Paraiba Lottery in Brazil.
The move underscores the international payment services provider’s readiness to adapt to changes in local betting legislation, expanding its influence in the Brazilian market and strengthening its position in various industries.
President Lula da Silva opened one of the world’s leaders in online betting with a nationwide regulatory law signed just before the 2023 New Year. This creates prospects for the participation of a wide range of international participants, including payment service providers.
Leonardo Chaves, OKTO’s Country Manager Brazil, noted: “As OKTO strengthens its presence in Brazil, we recognise the unique challenges of the market and embrace regulatory readiness to ensure compliance and responsible practices”.
U4C, an important division of OKTO in Brazil, is a registered payment institution with the Central Bank of Brazil. The importance of the Central Bank, the country’s key financial institution and regulator, is underscored by its management of the national payment system Pix.
Chaves added: “With Brazil transitioning towards a regulated betting environment, OKTO is well-prepared to navigate this landscape, leveraging its expertise and the capabilities of its strategic portfolio company, U4C that has been granted payment processing rights in Paraiba Lottery.”
U4C’s approval to facilitate payments for lottery services in Paraiba, including government sports betting, highlights the strategic alignment and regulatory compliance of this partnership.
Tulio Ianni, CEO of U4C, commented: “We are thrilled to announce our authorization to process payments for the Paraiba Lottery, a significant milestone that highlights our shared commitment with OKTO to innovation and regulatory compliance. We look forward to leveraging this authorisation to provide excellent payment experiences for the Paraiba Lottery while staying updated with the evolving regulatory landscape.”
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