Brazil’s instant payment platform Pix has reshaped the fintech industry and could become a model for other countries seeking to increase competition in banking and payments, executives said at Web Summit Rio.

“Brazil revolutionized the world of fintech because of something called Pix. It's an extremely disruptive technology. It works almost like a monopoly destroyer,” said Paddy Cosgrave, founder and CEO of Web Summit, during a press conference at the event in Rio de Janeiro, O Globo reported.

The comments come as Pix faces scrutiny from the United States, which cited the system in a trade investigation used to justify proposed tariffs on Brazilian exports. Washington argues the Central Bank-backed platform may disadvantage foreign payment companies.

Executives speaking at a panel on Brazil’s fintech market said the country has moved from importing financial technology to influencing global payment innovation. The discussion featured executives from Jeeves and QI Tech.

“Brazil is clearly at the forefront of innovation in payments. Many countries are still trying to build systems similar to Pix, while the Brazilian market is already discussing the next steps in this evolution,” said Emílio Moreira, co-founder of the administration and custody vertical at QI Tech.

Dileep Thazhmon, founder and CEO of the fintech Jeeves, said Brazil’s regulatory structure helped drive innovation.

“One of the most impressive characteristics of the Brazilian market is that the regulator doesn't just act as an overseer. There's a genuine willingness to engage in dialogue with the sector and understand how technology can improve the efficiency of the financial system,” he said.

“The most common mistake is believing that simply bringing a global solution to Brazil is enough,” he added.