Anheuser-Busch InBev on Thursday denied a report that thousands of job cuts were planned this year at its Asia-Pacific unit Budweiser Brewing Co APAC Ltd.

Uruguay is one of Latin America’s smallest countries—with just 3.4M people, it is far smaller than cities like São Paulo (22.6M), Mexico City (22.3M), and Buenos Aires (15.49M). But that hasn’t stopped Uruguay from punching above its weight on the international stage, and its national soccer team is proof: Uruguay has won 15 Copa Americas, second only to Argentina, along with two World Cups and two Olympic gold medals.Beyond sports, Uruguay has the highest GDP per capita in Latin America at $22.5K, standing out as an economic leader. Over the years, Uruguay has positioned itself as a hub for local startups and foreign investment through public policies like:Corporate tax exemptions of up to 100% for software companies that spend at least 50% of their business costs in Uruguay (2007)Corporate tax exemptions of up to 30% on certain international costs, like payments to international service providers and software development and maintenance. A lower income tax rate of 12% and a social security exemption for IT professionals (2023)A renewable Digital Nomad Visa valid for up to 12 months (2023)But when did Uruguay become a technology powerhouse, and how did it become one of Latin America’s success cases?A brief history of Uruguay’s tech sceneIf you heard about Uruguay’s first unicorn in 2016, you’d never guess that it was an overnight success three decades in the making.Long before startups became popular in Latin America, three Uruguayan founders launched Scanntech in 1992 to help retail companies improve operations through technology–yes, before MercadoLibre. Today, Scanntech provides software solutions to 450 of the world’s top 500 retailers, offering tools like ScannMarket for market and competitor analysis, ScannView for pricing optimization and product mix insights, and PromoClub for managing promotions at the point of sale.Nearly two decades later, PedidosYa launched in 2009 as a food delivery app and B2B last-mile logistics platform, helping restaurants and e-commerce businesses cut delivery costs and simplify operations. PedidosYa is now present in 15 Latin American countries and was acquired by Delivery Hero in 2014.In 2016, dLocal launched as a cross-border payment processor, connecting global merchants with emerging markets, becoming a unicorn in 2020 and IPO’ing on the NASDAQ in 2021—only the second Uruguayan company to reach Wall Street after StarMedia in 1999