Following the strategic investment, underscoring OKTO's commitment to expanding its footprint in the Brazilian market and strengthening its position across diverse sectors, the Paraiba Lottery further cements the group's preparedness for the evolving regulatory framework in the betting landscape.
U4C's authorization to facilitate payments for the lottery service in Paraíba, encompassing state sports betting, further exemplifies the strategic alignment and regulatory compliance of the partnership with OKTO.
U4C is a registered payment institution authorized by the Central Bank and has earned acclaim for its Pix solutions and is among the pioneers authorized to operate with the Payment Transaction Initiator (ITP).
Leonardo Chaves, OKTO's Country Manager Brazil, commented: "As OKTO strengthens its presence in Brazil, we recognize the unique challenges of the market and embrace regulatory readiness to ensure compliance and responsible practices. 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."
Tulio Ianni, CEO of U4C added: "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 authorization to provide excellent payment experiences for the Paraiba Lottery while staying updated with the evolving regulatory landscape."
OKTO team is set to share further details at SBC Rio, scheduled from March 5-7, and will showcase its latest innovative payment lineup for Brazil and Latin America at SIGMA Americas 2024, taking place from April 23 to 25 at stand J50.
he OKTO team will be joined by the U4C team, reaffirming their commitment to innovation and exploration within the payments and entertainment sector.
Source: GMB
