👀 MercadoLibre 🇦🇷 Seeks to Obtain a Banking License in Mexico

👀 MercadoLibre 🇦🇷 Seeks to Obtain a Banking License in Mexico

The largest online marketplace in Latin America is already in active negotiations with the Central Bank of Mexico 🇲🇽.

➡️ One of MercadoLibre's CEOs told "Bloomberg" that the Mexican subsidiary aims to reach and surpass Brazil to become the number one in e-commerce in the region within one or two years. The Argentines are confident that they will obtain the banking license, which will pave the way for success.

➡️ The company intends to focus on granting loans. The strategy is as follows: prioritize loans first, then introduce investment products.

➡️ The Argentinians are not the only ones with this vision: Revolut has already obtained a banking license in Mexico,and the Brazilian bank Nubank is in the process.

➡️ It's worth noting that banking penetration in the country is low — only about a third of the population utilizes traditional banking services.

➡️ MercadoLibre already has a fintech license in Mexico.

➡️ Remember that MercadoLibre is the parent company of Latin America's most popular payment platform, #MercadoPago. In fact, in 2002, MercadoPago was created in Argentina as a wallet for the online marketplace. Since then, the platform has evolved significantly... but that's a story for another time.

#news #Argentina #Mexico

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