New Economy Forum: Macroeconomic Effects of New Digital Payments in Latin America

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The panel will discuss the following questions: What is the impact of new providers of digital payments on efficiency, innovation, the structure of banking, and financial inclusion in Latin America? What are the barriers and frictions that new payment companies can overcome and what is their comparative advantage relative to traditional players? How are new business models disrupting financial services? Could this dynamic environment endanger financial stability? What can the private sector and regulators do to contain these risks? What are the preconditions (legal, regulatory, and policy frameworks, or others) needed for a rich digital payment ecosystem to develop? In “less-mature” payment markets, is there a role for a public provision of digital means of payment as a catalyzer (e.g. CBDC) or would this thwart the evolution of new and dynamic payment ecosystem?
 

Panelists


Paul Castillo
Manager of Monetary Operations and Financial Stability, Central Reserve Bank of Peru

 

Paul Castillo is Manager of Monetary Operations & Financial Stability at the Central Reserve Bank of Peru (BCRP). Previously he served as BCRP Manager of Monetary Policy (2016-2020) and Deputy Manager of Monetary Policy Design (2008-2016). His research work has focused on monetary policy in emerging economies, the effects of dollarization, and more recently the impact of macro-prudential regulatory instruments on credit cycles. He has published in specialized journals such as the Journal of International Money and Finance, Empirical Economics, Journal of Macroeconomics, and Journal of Applied Economics. He holds a PhD in Economics from the London School of Economics and Political Science (2007) and a Master's Degree in Economics from the same university.

 
Angelo Duarte
Head of the Competition and Financial Market Structure Department at theCentral Bank of Brazil

 

Mr. Angelo Duarte, Head of the Competition and Financial Market Structure Department at the Central Bank of Brazil.
PhD in Economics from Graduate School of Economics at Fundação Getulio Vargas (EPGE / FGV). Analyst Central Bank of Brazil since 1998, where he was Economic Advisor to the Presidency of the Central Bank and is currently Head of the Competition and Financial Market Structure Department. He also worked at the Ministry of Finance and was a visiting economist at the Bank for International Settlements (BIS) between 2013 and 2016.

Paula Arregui
Chief Operations Officer (COO) of Mercado Pago

 

Paula Arregui majored in Business Administration and Public Accounting with Honors from the University of Buenos Aires. In addition, in 2017 she completed an Executive Program at Stanford University (United States), with a focus on Leadership and new trends in Business.

Paula serves as Chief Operations Officer (COO) and Senior VP, in charge of leading the company's development strategy for all Latin America. After her incorporation to Mercado Libre in 2000, she has held various roles within the company. Initially, she has worked as Controller for Argentina, Uruguay and the United States. In 2003, Paula became the first employee of the Mercado Pago business unit, where she later faced new challenges as Director of Operations for the region. From 2011 to 2019, she also held the position of Product Vice President of Mercado Pago, a role in which she has had an active participation in the strategic definitions of product development for Latin America.


Bruno Magrani
Head of Public Policy at Nubank

 

Bruno Magrani is the Head of Public Policy for Nubank, one of the world's largest digital banking platforms serving around 54 million customers across Brazil, Mexico and Colombia. Bruno also serves as CEO of Zetta, an association of some of the largest fintechs in Latin America. He is the former head of public policy for Facebook in Brazil and holds a law degree by Harvard Law School.

Moderator

Tommaso Mancini-Griffoli 
Division Chief of the Payments, Currencies, and Infrastructure division, IMF

 

Tommaso Mancini-Griffoli is the Division Chief of the Payments, Currencies, and Infrastructure division at the International Monetary Fund (IMF). His work focuses on digital currencies and payments, monetary policy, foreign exchange interventions, modelling, and central banking operations and communication. He has advised country authorities and published widely on these topics. Prior to joining the IMF, Mr. Mancini-Griffoli was a senior economist in the Research and Monetary Policy Division of the Swiss National Bank, where he advised the Board on quarterly monetary policy decisions. Mr. Mancini-Griffoli spent prior years in the private sector, at Goldman Sachs, the Boston Consulting Group, and technology startups in the Silicon Valley. He holds a PhD from the Graduate Institute in Geneva, and prior degrees from the London School of Economics and Stanford University.