Brazil Crypto Report #173: Tokenized Credit: Brazil's Next Export with Paulo David of AmFi
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Nov 11, 2025 
Paulo David, CEO of AmFi and seasoned fintech entrepreneur, dives into the transformative world of tokenized private credit in Brazil. He elaborates on leveraging the country's high interest rates to attract global investors through blockchain, addressing key market inefficiencies. Paulo shares insights on regulatory support and AmFi's rapid growth, highlighting plans for expansion into Southeast Asia and the Middle East. He discusses how democratizing access to capital can lower borrowing costs, ultimately boosting Brazilian businesses and the economy.
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Brazil's Interest Rate As An Export
- Brazil produces some of the highest nominal interest rates globally but that yield rarely reaches foreign private-credit investors.
- Tokenization and standardized transparency can bridge that gap and export Brazilian yield to global capital.
Founder Journey From Grafeno To AmFi
- Paulo built Grafeno, scaled it to process over $8B annually, and sold it before founding AmFi.
- That experience gave him deep knowledge of Brazil's capital-market flows and the opportunity to apply blockchain there.
Regulatory Acceptance Is Real And Fast
- Regulators in Brazil actively engaged and even selected AmFi for the central bank's sandbox and public offering authorizations.
- That regulatory embrace accelerated real-world tokenized receivables becoming a live market, not a future experiment.