Nu México Gets Green Light for Banking License, Eyes Full-Service Expansion
Hey Digital Banking Fanatic!
Nu México, the Mexican subsidiary of Brazilian FinTech giant Nubank, has received preliminary approval from Mexico's National Banking and Securities Commission (CNBV) to obtain a full banking license.
This marks a significant step in Nu México's transition from operating as a Sociedad Financiera Popular (Sofipo) to becoming a fully licensed bank. The company is now awaiting formal notification and must complete an operational approval process, which could take up to 180 days, to ensure compliance with all regulatory requirements.
"We are awaiting the formal notification of the decision, following the corresponding regulatory process. We have a policy of transparency and will communicate the official resolution as soon as possible," stated Nu México in response to inquiries about the approval.
Since entering Mexico in 2019, Nu has skyrocketed to 10 million users, offering credit cards and savings accounts to boost financial inclusion. With full banking status on the horizon, Nu is gearing up to challenge local FinTech heavyweights like Mercado Pago and Revolut, intensifying the race for digital banking dominance in Latin America.
Read all the other Digital Banking industry news below 👇 and I'll be back with more tomorrow!
Cheers,
Stay Updated on the Go! Join my new Telegram channel for daily Digital Banking updates and real-time breaking news. Stay informed and explore the Future of Banking—subscribe now!
DIGITAL BANKING NEWS
🌎 Real-time payments are accelerating through key partnerships and tech upgrades. Orum (with Visa Direct), ACI Worldwide + Ingo, Jack Henry + Mastercard, and Nium (with Interac) are driving faster, broader access to instant transfers in the U.S., Canada, and beyond.
🇲🇽 Nu México has reportedly been granted authorization to obtain a banking license in the country. The green light was given during the most recent Board of Governors meeting of the National Banking and Securities Commission (CNBV). With this license, Nu México will join a group of just over 50 banks currently operating in the country.
🇬🇧 Allica Bank nearly doubles profits. The growth was driven by significant investment in digital infrastructure, leading to a surge in revenue as the digitally-native bank grew its loan book to over £3 billion and customer deposits surpassed £4 billion.
🇬🇧 Africa’s fastest-growing FinTech Moniepoint enters UK market with launch of remittance product. The MonieWorld application, available via the App Store and Google Play, allows UK customers to send money to Nigeria seamlessly, making financial transactions easier.
🇺🇿 Uzum Bank issues 1.5 million cards and launches nationwide access to plastic cards. Anyone in Uzbekistan can easily order both plastic and virtual cards, making secure and convenient banking more accessible and contributing to financial inclusion by bringing modern financial tools to every corner of the country.
🇸🇬 Singapore Gulf Bank: Embracing cryptocurrencies and new banking services under a compliant framework. It combines crypto-friendly services with strict compliance supervision to provide a new banking solution for crypto users and digital nomads who are ignored by the traditional financial system.
🇬🇧 TS Anil, CEO of Monzo, is joining TechCrunch’s StrictlyVC London lineup. Known for his global leadership background and steady hand at the helm of one of Europe’s most prominent FinTechs, Anil brings a unique perspective on the future of money, trust, and digital innovation.
Want your message in front of 100.000+ Digital Banking fanatics, founders, investors, and operators?
Shoot me a message on LinkedIn or send me an e-mail.
