🎉 Mexico🇲🇽: Revolut🇬🇧🇱🇹 receives approval to launch banking operations

🎉 Mexico🇲🇽: Revolut🇬🇧🇱🇹 receives approval to launch banking operations

While progress at home has been slow, the company is making significant strides in Latin America.

➡️ The National Banking and Securities Commission (CNBV) and the Central Bank of Mexico have granted Revolut final authorization to operate as a multipurpose banking institution, allowing it to open services to the general public.

➡️ As a fully regulated bank, Revolut will provide financial services with enhanced consumer protection, including deposits insured by the Institute for the Protection of Bank Savings (IPAB) up to 3.4 million Mexican pesos (≈185,000 USD). Its multicurrency model is designed to support international remittances, particularly those sent by Mexican migrants from the United States🇺🇸.

➡️ Context: Mexico is the second-largest market in Latin America. According to the National Institute of Statistics and Geography (INEGI), financial inclusion in the country has reached 76%, highlighting significant potential for banking expansion. Revolut’s main competitor will be Brazil’s Nubank🇧🇷, while #MercadoPago🇦🇷 stands out as a strong regional rival.

➡️ Additional note: Revolut is also seeking a full banking license in Colombia🇨🇴 and is currently acquiring a local bank in Argentina🇦🇷, underscoring its broader expansion strategy in Latin America.

#news #Mexico #Europe #Colombia #Argentina #fintech

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