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Major Digital Bank In Paraguay Collapses With Half of Population's Savings

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Paraguayan President Santiago Pena resigned Thursday amid mass protests and impeachment threats following the collapse of Ueno Bank, a major digital lender with close ties to his administration and more than 60% of the country's adults as customers. Regulators seized the bank after uncovering risky insider lending and accounting irregularities that left its capital below legal requirements, locking millions of customers out of their savings. The Associated Press reports: Soon after winning its banking license in 2023, Ueno seemed to be everywhere in Paraguay. The digital lender, a rebranded ve

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Major Digital Bank In Paraguay Collapses With Half of Population's Savings is a article discovery curated from Slashdot. Paraguayan President Santiago Pena resigned Thursday amid mass protests and impeachment threats following the collapse of Ueno Bank, a major digital lender with close ties to his a

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