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Episode #173: Brazil's Next Export: Tokenized Credit with Paulo David
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Olá pessoal!
Today’s episode is with Paulo David, CEO and co-founder of AmFi, one of Brazil’s leading real-world asset tokenization platforms.
Paulo is a serial entrepreneur who previously built and sold two major Brazilian fintechs - including Grafeno, which has processed over US$18 billion in transactions. He brings invaluable insights into how blockchain technology can transform the country’s capital markets.
The Opportunity: Brazil’s “Most Attractive Export”
Paulo frames Brazil’s challenge succinctly: the country maintains the world’s second-highest interest rates, yet global investors remain largely absent from its private credit markets.
While foreign capital flows freely into Brazilian equities, commodities, and venture investments, the private credit sector remains inaccessible due to complexity, lack of transparency, excessive intermediaries, and the absence of secondary markets. AmFi aims to bridge this gap by creating a standardized, transparent platform that connects Brazilian yield with global capital.
Market Scale and Growth Trajectory
The numbers tell a compelling story. Brazil’s capital markets have exploded from $20 billion to $150 billion in recent years, growing at approximately 40% annually with projections to reach $500 billion in the coming years.
Yet a stark disparity remains: Brazil’s economy is 13 times smaller than the United States, but its private credit market is 56 times smaller. In Brazil, roughly 80% of business financing flows through traditional banks, while in the US, capital markets dominate - a dynamic Paulo sees shifting rapidly.
Infrastructure Solutions Through Technology
Drawing from his experience at Grafeno, where his solutions touched nearly 40% of all capital market assets in Brazil, Paulo identified critical infrastructure gaps that blockchain uniquely addresses.
Unlike developed markets where technology provides incremental improvements, in Brazil it solves fundamental structural problems around transparency, automation, and market access.
Expansion and Economic Impact
AmFi’s near-term strategy focuses on consolidating its Brazilian presence while targeting distribution partnerships in Southeast Asia and the Middle East - regions with advanced digital asset adoption and appetite for emerging market yield.
Paulo emphasized that increased foreign participation will drive competition, reduce spreads, and ultimately lower borrowing costs for Brazilian businesses, creating positive ripple effects throughout the economy.
Key Takeaways:
* Market opportunity: Brazilian private credit markets growing 40% annually toward $500B+
* Infrastructure gap: Blockchain solves transparency, accessibility, and secondary market challenges
* Economic impact: Foreign capital influx will increase competition and reduce borrowing costs
* Regulatory tailwinds: Brazil’s Central Bank actively supporting tokenization initiatives
* Global expansion: Southeast Asia and Middle East prioritized for investor distribution
You can connect with Paul
Published on 1Â month, 3Â weeks ago