Mercado Pago Applies for Banking License in Argentina, Ualá Fires Back
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Mercado Pago, the financial arm of Latin American e-commerce giant Mercado Libre, has confirmed it will apply for a fully digital banking license from Argentina’s central bank, the BCRA. This follows similar moves in Brazil and Mexico, where the company has been steadily growing its financial services offering.
The application is part of a broader push to deepen its presence in the region’s banking space. “This doesn’t imply a change in our strategy, but rather allows us to continue developing a simple, mutually beneficial financial ecosystem,” said Alejandro Melhem, SVP of Mercado Pago for Hispanic Latin America.
For Juan Martin de la Serna, president of Mercado Libre Argentina, the move underscores the Fintech’s ambitions: “We are building the largest digital bank in Latin America. We want to change the way users interact with the financial system with a digital bank where everyone wins.”
The announcement highlights how the line between retail and finance is becoming increasingly blurred. As millions use Mercado Pago daily, the company’s next step in Argentina reflects a long-term effort to reshape access to financial tools across the region.
Soon after the announcement, the Argentina-based giant Ualá couldn’t resist jumping in on LinkedIn to remind everyone it’s already a licensed bank in the country… a subtle flex that didn’t go unnoticed.
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NEWS
🇦🇷 Mercado Pago will apply for a Banking license in Argentina, aiming to become the largest digital bank in Latin America. The banking license will allow Mercado Pago to continue improving its services, create more investment tools, and develop new lines of credit within its 100% digital model.
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