As Latin America emerges as a key market for digital payments, OKTO is positioning itself at the forefront of the region’s regulatory evolution and payment technological advancements. Galina Bineva, Commercial Director of OKTO, shares insights into how the company is navigating the complexities of the LatAm market, from Brazil’s rapidly growing sports betting sector to Peru’s newly regulated iGaming landscape. With a focus on localization, regulatory compliance, and innovative payment solutions, OKTO is set to redefine the payments landscape across the region.
What is OKTO’s overall Latin American strategy as the region becomes one of your top priority areas?
At OKTO, our approach to the Latin American market is built on a foundation of offering high-quality services, consistent with the operational excellence and optimum experiences we deliver to merchants globally. We recognize that LatAm presents unique challenges, including diverse legal frameworks, varying degrees of online payment adoption, and distinct cultural and demographic characteristics. To succeed here, our strategy focuses on localization—offering a comprehensive blend of payment methods that cater to the region’s needs. This includes everything from local payment solutions and instant pay-ins/pay-outs to open banking and cash methods, all while adhering to local compliance standards. We further enhance our offering with advanced risk and fraud monitoring, responsible gaming features, and 24/7 support.
Specifically looking towards Brazil as it launches a regulated sports betting and igaming framework, what is your approach to the country?
Brazil’s regulatory transition is a pivotal moment, and our 360-degree approach in the region ensures that our merchant partners are well-prepared for the challenges ahead. From a legal perspective, we guide them through the transition by assisting with documentation, licensing requirements, and meeting all regulatory standards. One of our key offerings in Brazil is our solution for transitioning balances from the pre- to post-regulation environment. This smooth transition is vital for operational continuity, financial planning, and maintaining an optimal user experience.
Brazil is using the Pix framework for payments so has OKTO adapted to this and what solutions are you bringing to the table with this framework?
Absolutely. OKTO has fully integrated PIX into our payment solutions. We offer the complete suite of PIX services, including classic PIX with acceptance rates surpassing industry standards, resulting in 98%, PIX Direct, and our Pay and Play feature. As a Direct PIX participant, we are poised to serve licensed merchants beginning January 1, 2025. Our solutions meet the stringent requirements outlined by regulatory bodies, ensuring payments are securely routed only to registered user accounts. Beyond this, we assist merchants with authorization requests, opening regulatory accounts, and managing financial operations such as treasury and tax optimization among others. This holistic approach ensures that our merchants can thrive within the PIX framework.
Peru has also opened up a regulated igaming market – is OKTO looking towards Peru for growth and, if so, what is your approach there?
OKTO is already live in Peru, a rapidly emerging regulated market that presents exciting opportunities. We’ve seen strong interest from operators looking to unlock multiple payment methods for their consumers in the region. Our strategy focuses on streamlining operations for our merchant partners, making it easy for them to enter new markets like Peru. With just one integration, operators gain access to multiple territories with multiple payment methods, ensuring faster time to market and a smoother navigation of the regulatory landscape. This level of operational efficiency reduces time to market and helps our partners navigate the regulatory landscape smoothly.
With regulatory frameworks opening across the region, how do you process payments across different borders and comply with the many regulations?
As regulatory frameworks continue to open across Latin America, processing payments across borders while ensuring compliance is a key focus for us. OKTO’s approach is built on deep, ongoing collaboration with local legal and compliance experts in each market. We actively monitor the evolving regulatory landscape, enabling us to tailor our solutions to the specific requirements of each jurisdiction. Navigating multiple regulatory environments is a dynamic challenge, but it’s one we are well-prepared for.
Our payment infrastructure is designed to be flexible and adaptable, ensuring seamless transactions while adhering to local laws. By implementing robust KYC procedures, anti-money laundering (AML) protocols, and real-time risk and fraud monitoring, we ensure full regulatory compliance for our operator partners. This allows us to offer clear guidance to our merchant partners, ensuring they comply with local regulations in each market. By staying up to date with evolving trends and specific requirements, we mitigate risk and foster mutual trust with our operators. We also simplify the process for our partners by offering one seamless integration that supports multiple countries, reducing complexity and helping them navigate the varied regulatory environments with ease.
What are the biggest challenges of working in Latin America and how do you overcome these?
While Latin America offers immense growth potential, it is still a developing market with many countries in the early stages of regulation, taxation, and business development. This can create uncertainty, making long-term planning difficult for operators. To address this, we’ve assembled expert teams in payments, legal, compliance, and operations. These teams work diligently to research the best solutions and provide our partners with peace of mind, allowing them to focus on growing their business confidently.
What expertise do you have in Latin America and why should operators choose to work with OKTO over some of your competitors?
“Think globally, act locally” has been a core principle driving OKTO’s success across all markets, including Latin America. While it’s often used as a buzzword, its importance is undeniable—you must understand the nuances and local needs of each market and meet them while keeping an eye on global trends. This philosophy, backed by extensive product development and collaboration across our teams, allows us to swiftly adapt and deliver tailored solutions. Our flexibility and commitment to operational excellence set us apart. We’re more than just a payments provider—we’re a partner dedicated to offering advanced payment solutions, helping operators achieve their goals with personalized support and cutting-edge innovation.
What can readers expect from OKTO in Latin America in the coming months?
We have an exciting product launch on the horizon—a first-of-its-kind solution for LatAm that will allow operators to enhance their payment suite with a frictionless, easy-to-use payment method. This innovation will help operators attract and retain a new customer base, increase loyalty, and provide flexible customization options. There’s much more to come from OKTO in Latin America—so stay tuned! For an exclusive preview, book your meeting with our team or visit us at booth [E161] at SBC Lisbon.
