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Our Brazilian Real has a new look, but what can we expect from that?

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By Brunno Ferraz, Operations Manager at ília

The Real is now digital, what do we know about it?

The Digital Real project, an initiative of the Central Bank of Brazil, promises to revolutionize the national financial scene by the end of 2024, in this era of digitalization.

The digital alternative to the Brazilian currency aims to provide security, efficiency and cost savings, as well as to boost financial inclusion. However, how can we ensure that these promises will be converted into tangible results in the market?

Despite the expectations, we are faced with challenges, such as the need to raise awareness and educate the population to ensure successful implementation, as well as the need to analyze monetization proposals for a satisfactory return on investment (ROI), ensuring efficiency for both institutions and the end customer.

Here at ília, we focus on closely monitoring this process, offering support on large-scale projects during implementation. We look for effective solutions that impact the scenario, integrating and mapping accessible opportunities to increase our clients’ competitiveness.

ília, which specializes in technology for the financial market, has a research group immersed in the context of the Digital Real, aligning itself with the Central Bank’s proposals to extract opportunities for innovation in the face of cost-effective requirements and transform ideas into reality.

It is important to note that the Digital Real is a real asset, used in transactions of physical goods in the real economy, backed by blockchain technology controlled by the Central Bank. In this scenario, financial institutions can tap into fertile ground to develop new digital products and lead innovation through well-designed Product Discovery.

Fenasbac, in partnership with the Central Bank of Brazil (BC), is promoting a challenge that brings together financial market participants interested in designing an MVP.

In fact, some promising solutions have already been identified within this concept, covering new lending models, tokenization of property rights, logistical innovations and the expansion of resources in crypto-assets. This research is about to be transformed into a Minimum Viable Product (MVP) in the Lift (Financial and Technological Innovations Laboratory) challenge.

Although the launch of Drex does not yet have a set date, public testing will begin at the end of 2024, marking the end of a significant stage of development and testing of the pilot project.

The introduction of the Digital Real represents a significant change in the Brazilian financial landscape, where we can map out business opportunities.

According to the documents issued by the Central Bank, we emphasize that the efficiency and savings provided by this innovation will be crucial for competitiveness in the market, just as they were when “pix” was first implemented. ília assumes its role as a strategic partner, ready to contribute to the successful implementation of the Digital Real in the same way that we work with large financial institutions on the integration of other technologies.

Our mission in relation to these statements is to ensure that our clients follow an assertive and valuable path, by working together.

In short, transformations in the Brazilian financial landscape are inevitable, and the differentiator in the market will be the way we approach these changes and explore opportunities to boost business through these new integrations.

Follow the next steps of this journey with us and stay tuned for future articles.

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