Emerging Markets Tech News to Know: April 2024

EMQQ Global Performance Overview 

  • The EMQQ Index increased 4.35% in April. YTD, it is up 6.38%. 
  • The FMQQ Index declined -0.12% for the month. YTD, it is up 6.64%. 
  • The INQQ Index rose 3.21%. YTD, it is up 8.22%. 


The leading positive contributors to the EMQQ Index performance in April were China-based Tencent and Meituan, posting gains of 14.4% and 13.2%, respectively. The Chinese tech sector got a boost from increasing buybacks from several of its largest companies (including Tencent), which has played a pivotal role in bolstering sentiment.

The two largest detractors for the month were China-based Netease (-7.6%) and Latin America’s Nubank (-8.9%). Netease declined despite a recent announcement that it will reinitiate its partnership with Microsoft to bring a series of popular gaming titles back to China. Nubank, on the other hand, suffered a minor setback after a strong start to the year. YTD, the company is still up 30.4%.

Emerging Markets Tech News to Know


At a Glance:

  • Alibaba’s Flagship to Undergo Largest Revamp in Years
  • Modi Sets Ambitious Economic Targets Ahead of Probable Win
  • Reliance to Lead AI Push in India
  • MercadoLibre net profit surges, driven by Brazil & Mexico
  • Brazil Instant Payments System Surges in Use

Alibaba’s Flagship to Undergo Largest Revamp in Years

Chinese internet major Alibaba is launching a significant update to its Taobao e-commerce platform, the most extensive revamp in seven years. Timed ahead of China's major 618 shopping festival, the update aims to enhance the shopping experience for users and merchants. The initiative, led by Taobao and Tmall Group, focuses on streamlining the webpage layout, simplifying search and purchase processes, and introducing new features. This includes improvements like extended login times and displaying discounts directly in the shopping cart. Additionally, Taobao plans to reintroduce an early online forum, Taojianghu, to foster user interaction. Further enhancements are in the pipeline, including better integration between web and mobile app versions to enhance overall consumer experiences.

Modi Sets Ambitious Economic Targets Ahead of Probable Win

Indian Prime Minister Narendra Modi is aiming to double the country's economy and exports within the next decade. Modi, confident of winning the upcoming national election, has emphasized economic growth as a key achievement and pledged to elevate India to the third-largest economy globally if re-elected. He targets nearly doubling the economy to $6.69 trillion by 2030, up from the current $3.51 trillion value, with a focus on raising per capita income to $4,418 from $2,500. Modi envisions India becoming a developed economy by 2047, its 100th year of independence.

Reliance to Lead AI Push in India

Mukesh Ambani, Chairman of Reliance Industries, aims to lead the development of artificial intelligence (AI) solutions in India, focusing on critical areas like healthcare, education, agriculture, and employment. Reliance is transitioning into a new-age technology company and plans to leverage AI to significantly enhance productivity and efficiency. To support this initiative, Reliance has partnered with U.S. chip firm Nvidia to develop cloud infrastructure, language models, and generative applications. Ambani urged employees to drive AI-led transformation across the company's digital services by 2024 end.

MercadoLibre net profit surges, driven by Brazil & Mexico

MercadoLibre, the leading Latin American e-commerce and fintech firm, posted robust first-quarter earnings. Net income for the quarter ending in March surged by 71% to $344 million, surpassing analysts' expectations. Revenue also saw a healthy increase of 36%, reaching $4.3 billion. The company's advertising business experienced strong growth, representing 1.9% of Gross Merchandise Volume (GMV) with a 64% increase in dollar terms. MercadoLibre reported 53.5 million unique buyers in its e-commerce segment and 49 million monthly active users in its fintech division. Additionally, the number of users for its asset management service nearly doubled over the past year, with significant growth in Argentina and Mexico.

Brazil Instant Payments System Surges in Use

In just three years since its launch in late 2020, Brazil's Pix payment system has become immensely popular, boasting over 160 million users. This instant-payment system, introduced by the central bank, has revolutionized how Brazilians pay, surpassing credit and debit card transactions combined by about 23%. Its success has significantly impacted the banking and fintech sectors, challenging the dominance of traditional credit card infrastructure. According to central bank data and industry experts, Pix's usage surged 74% last year, indicating its growing importance in the Brazilian economy. Central bank chief Roberto Campos Neto envisions Pix as a catalyst for building a more efficient and inclusive financial system, with the technology aiding in financial inclusion by bringing onboard previously unbanked populations. With over 70 million customers initiating their first digital transfers after Pix's launch, the system has made significant strides towards reducing the percentage of the population without bank accounts, now standing at only 16% from 30% previously.