Bankers call for avoiding regulatory arbitrage with banking licenses

The bankers’ representative said that the products offered by each financial institution must be regulated equally to maintain the incentive for investment in the country.

The list of companies that have requested a banking license in recent months includes: Nu, Mercado Pago, Konfío and Finsus.

“The banking sector is committed to continuing in Mexico and we are very pleased that there are now new players in the banking sector (…) and not because I would like all fintechs to become banks but because they are seeing the advantages of being banks to achieve much greater growth,” he added.

Carranza believes that each of the figures within the financial system (such as Sofipos, Sofomes or fintech) has a reason for being and hopes that with the arrival of new companies, the important thing is that people have more options to choose with whom to keep their money.