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Soros-Backed Fintech Offers Argentines Way to Beat 50% Inflation

Nov. 12, 2019, 7:46 PM

Argentina’s Ualá, the mobile payments app backed by heavyweight investors George Soros and Steve Cohen, is offering its users the possibility of investing in a low-risk mutual fund through the app.

The option to invest cash stored in the electronic wallet into a money-market mutual fund in pesos comes as part of a partnership with local broker SBS Asset Management SA, said Ualá founder and Chief Executive Officer Pierpaolo Barbieri. Users will have the option of investing as little as one peso -- two cents on the dollar -- into a fund that invests in time deposits and ...