Regulation and competition: the case of the Brazilian fintech ecosystem

Events such as the failure and rescue of Credit Suisse and the fallout of Silicon Valley Bank re-surfaces the old saying that prudential regulators should always favor banking concentration to improve financial stability, putting monetary authorities in opposition to competition authorities. In this paper, we want to switch gears and propose a framework to analyze monetary authorities' role in fostering competition. To that end, we go through the case study of Brazil's financial system regulators and compare them with Brazil's competition authority's role and the importance of inter-agency cooperation.