MercadoLibre’s fintech arm, Mercado Pago, has officially applied for a banking license with Mexico’s National Banking and Securities Commission (CNBV), the company announced on Wednesday.
The application was submitted earlier this month, according to a statement from Mercado Pago.
In May, Mercado Pago expressed its ambition to become the largest digital bank in Mexico with this license.
“This will enable us to continue innovating and expanding our financial services, which millions of people need,” said Pedro Rivas, head of Mercado Pago in Mexico.
The banking license would allow Mercado Pago to offer services such as savings and checking accounts, certificates of deposit, commercial loans, and mortgages locally.
Currently, Mercado Pago is the second-largest digital wallet in Mexico, offering credit and debit cards, international transfers, interest on funds stored in its digital wallet, and personal and small-business loans.
Source: Yahoo News
