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Brazilian Sugar-Cane Mogul Is Creating the Alipay of Brazil

  • Cosan wants to tap into Brazil’s $17 billion payments industry
  • Company testing new service in some of its 6,300 gas stations
Rubens Ometto
Rubens OmettoPhotographer: Victor Moriyama/Bloomberg
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The Brazilian tycoon behind the world’s biggest sugar-cane operation is taking a page from billionaire Jack Ma’s playbook for his next project.

Cosan SA, the powerhouse controlled by 68-year-old Rubens Ometto, is launching a version of Alipay to process payments and money transfers through smartphones. It’s a bet that could save the conglomerate millions in fees and give it a foothold in Brazil’s booming fintech scene.