economy and politics

Moody’s sees consolidation of fintech companies with banking licenses

Moody's sees consolidation of fintech companies with banking licenses

“Fintech companies that provide loans have tried to differentiate themselves not only by rate, but also through user experience and comfort with product offers that include personalization of services,” Moody’s Local Mexico highlighted in the report.

This customization includes the option for users to choose a cut-off date, the ease of operating with these cards in digital channels or cards without benefits, but without annuity.

Moody’s Local Mexico highlighted that on the banks’ side, they have been investing in digital solutions for their clients for more than a decade and some financial groups in the country (such as Banorte, Banregio or Santander) have opted for second solutions.banking licenses to create 100% digital banks.

The analysis adds that it would be positive for traditional banks that they will have competitors with the same regulatory costs and will compete on a level playing field.

For fintech companies, the positive part will be that with this regulation they will be able to prove their validity, by complying with the rigorous and prudential banking regulation. “The above will allow a greater range of products to be offered, access to the central bank’s discount window, extensive deposit insurance for its clients, among other benefits,” he highlighted.



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