Puebla, Pue. The president of the National Baking and Stock Commission (CNBV), Jesús de la Fuente Rodríguez, advanced during the Forum of the Mexican Association of Specialized Financial Entities (AMFE), that authorization was granted yesterday to a digital bank, which will form part of Banorte Financial Group.
Although the entity has not made a formal announcement of the new institution, the source commented that it is a totally digital figure, which will not count physical branches.
“Yesterday, it was authorized that the Bank of the Banorte Financial Group have a new Bank, which will not have branches, offices, where all banking operations that the law may allow are carried out through technology”, De la Fuente commented.
He added that the arrival of this new entity will favor the development of the financial system and will be in accordance with the needs of the youngest segments of the population, since the demand for financial services is increasing.
With the arrival of this new institution, the offer of the so-called Neobanks will be expanded, entities that operate digitally and have a Multiple Banking Institution license, such as Hey Banco, a brand of Banco Regional and the recently announced OpenBank of the Santander group, which is expected to arrive in 2024.
Previously, Banorte announced intentions to enter the fintech world and compete with these entities, however the president of the CNBV explained that this authorization corresponds to a bank.
“It is a new Bank, it is very important for the sector, because it is going to be the first completely digital one and that seems to me to be a very interesting thing, everything that a bank does is going to be done digitally”, explained De la Fuente.
Fintech Law Reactions
In addition, the president of the CNBV highlighted that the Law to Regulate Financial Technology Institutions, also known as the Fintech Law, led to the digitization of financial institutions since its enactment in 2018, in addition to encouraging the arrival of new players to the financial system.
“Technology is here to stay and is constantly evolving, in 2018 the Fintech Law allowed the establishment of financial technology institutions, for savings, credits and other special financing modalities. In that sense, this technology caused other entities in the financial sector, especially banks, to begin to realize that it was very important that their technology be state-of-the-art”, said the president of the CNBV.
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