Since the Central Bank of Brazil launched Pix in November 2020, instant payments have become part of daily life for most of the country's adult population. In the same period, digital banks expanded their customer base, and people previously outside the formal financial system gained access to accounts, payments and credit. Brazil now offers a case for examining how public payment infrastructure, regulation and private innovation interact to change a financial system. This course uses the Brazilian experience to examine questions that concern emerging economies: * What role should central banks and regulators play in building payment infrastructure? * How do digital financial services change access for unbanked and underbanked populations? * What conditions allow a fintech sector to grow? * What risks accompany this growth, including fraud, market concentration, data protection and household indebtedness? Participants will analyze the regulatory, technological and market components of Brazil's digital financial system. The course takes place at FGV EAESP in São Paulo, the center of Brazil's financial and fintech activity, and gives participants direct contact with the institutions and organizations that shaped this transformation.