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Brazilian payment processor PagSeguro to launch digital bank

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Brazilian payment processor PagSeguro to launch digital bank

Brazil-based credit card processing company PagSeguro Digital Ltd. plans to launch a digital bank that it plans to call PagBank, O Estado de S. Paulo reported.

PagSeguro has already registered the name with Brazil's national institute of industrial property, the report said. To become a bank, the company has to secure an approval from the central bank or purchase a license from an existing financial institution.

Through digital banking, the company could offer other services such as advance on receivables from customers. It currently offers a digital or physical payment account that can be accessed through devices or machines.

Earlier in January, PagSeguro raised some $2.61 billion from its initial public offering on the New York Stock Exchange.