G12 hours agoBusiness1 min readBrazil

Digital bank that failed in Paraguay managed more than US$800 million in public money

Bank managed almost US$850 million in public resources, including Social Security and Ministry of Health

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The collapse of Ueno Bank, Paraguay's largest digital bank in terms of number of customers, affects around 3 million people and puts almost US$850 million in public resources at risk, including money from Social Security and the Ministry of Health, threatening the payment of benefits to retirees.

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Why It Matters

Ueno Bank is one of the main banks in Paraguay and the largest digital bank in the country in terms of number of customers. The institution managed almost US$850 million in public resources, including money from Social Security and the Ministry of Health.

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The collapse of Ueno Bank, one of Paraguay's main banks and the country's largest digital bank in terms of number of customers, caused a crisis that affects around 3 million people.

The institution managed almost US$850 million in public resources, including money from Social Security and the Ministry of Health, which also threatens the payment of benefits to retirees.

Open Questions

What was the cause of Ueno Bank's failure?
What measures will the Paraguayan government take to protect depositors?
Will the public resources managed by the bank be fully recovered?