Paraguay's President Pena resigns amid digital banking crisis
Daily Sabah · Associated Press ·
Paraguayan President Santiago Peña stepped down Thursday amid mounting pressure over the collapse of digital lender Ueno, which left millions of customers...
Paraguayan President Santiago Peña stepped down Thursday amid mounting pressure over the collapse of digital lender Ueno, which left millions of customers unable to access their accounts and fueled widespread calls for his resignation.
Hours after Paraguay’s central bank seized Ueno Bank, a major digital lender that went from an obscure finance company to a household name in less than five years, President Peña was facing impeachment, protesters were clashing with riot police and the bank's executives had been detained.
The swift collapse of a bank that claimed more than 60% of Paraguay’s adults as customers has sent shock waves through the country’s financial system.
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