As time goes by, the banking market in the Mexican national territory is becoming more diversified, and, at the same time, the banks that operate in the country must be more competitive.
Under this understanding, the start of operations of a new digital bank in the Mexican Republic was recently announced, after being approved by the National Banking and Securities Commission (CNBV) and then we will give you more details, such as services you provide.
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According to what was officially announced, the new digital bank that is operating in the Mexican Republic since the end of last April of this 2024 it is Revolut Bankwhich has English origin.
Under this context, the financial products that this digital bank will offer in Mexico are the following:
*Prepaid debit cards
*Currency exchange without commissions
*Cryptocurrency services
*Peer-to-peer payments
On the other hand, among the banking services that Revolut Bank will offer in Mexico are the following:
*Payments
*Savings
*Investments
*Loan applications
It is in this way that, according to what was published a few days ago in the Official Gazette of the Federation (DOF), with a capital of 1,431 million pesos, Revolut Bank will have its headquarters in Mexico City operating under the regulations of the Credit Institutions Law, with the difference of not being regulated by the Fintech Law.
It should be noted, in this sense, that this neobank has, to date, 40 million clients in 150 countries, contemplating investing around 100 million dollars in the Mexican market in order to compete in the remittance market.
In this sense, Revolut Bank has implemented a series of conduct regulations for its operations with clients, which include conducting themselves with integrity and transparency, as well as treating clients well and being cooperative with regulators.
In addition to the above, it has been reported that the Bank of Mexico (Banxico) will supervise the capital of this new digital bank in Mexico, while the central bank has urged the CNBV to verify that the neobank complies with the requirement of a minimum subscribed and paid share capital of 1,811 million 791 thousand 55 pesos.
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