Ualá ABC promotes financial inclusion in the Mexican market

2023-05-28 17:09:15

The CNBV approved the acquisition of the bank by the fintech, which will speed up the launch of financial products.

By Xochitl Castellanos

Details

Published: 28 May 2023

I like1
I don’t like0

The National Banking and Securities Commission (CNBV) approved the acquisition of ABC Capital bank by Ualáa process that began in April 2022.

Said authorization will allow the promotion of financial inclusion in Mexico to continue, with the experience of local partners, said the financial technology company with operations in Latin America.

In recent months, the two institutions have worked together under a co-branding agreement. (Ualá ABC)thus promoting financial inclusion through the digitization of these services.

The acquisition will accelerate the launch of products in Mexico, a growth market.

Through this agreement, the bank has launched products that are highly demanded by the local market, such as credit cards, remittances and personal loansamong others, was indicated in a statement.

This step confirms that with regulated entities we can offer a differential proposal that combines the best of technology with a variety of products, said Pierpaolo Barbieri, founder and CEO of Ualá.

Mexico is the great bet of the company of Argentine origin which during the year has made several announcements, for example, an investment in the region of 150 million dollars for the next 18 months.

Banks, bankers and loans: An immemorial history