- In Mexico, 5 banks requested authorization to operate.
- First neobank begins operations in Chile
Despite global economic uncertainties, the financial sector in Latin America continues to show remarkable dynamism. The clearest sign of this is the constant appearance of new players in the market, as evidenced by the five applications to create banks in Mexico and the recent openings in countries such as Colombia and Chile.
Mexico: Land of banks
In the Aztec country, the National Banking and Securities Commission (CNBV) is analyzing 5 applications for the creation of new banking entities. Among the interested companies are Nu México, a subsidiary of the financial services platform NU Holdings, the brokerage firm Masari, as well as the fintech companies Plata and Konfío.
The information with the name of the banks was published in the column Moneda en el Aire, by analyst Jeanette Leyva Reus, which is published by the newspaper El Financiero.
While the approval process could extend until next year, this interest from new players reflects confidence in the potential of the Mexican financial sector. In fact, Mexican banking closed 2023 with an exceptional performance, recording unprecedented net profits, equivalent to more than 16.5 billion dollars.
We have already commented on Frecuencia Money about the other new banks that have already started operating this year: Revolut and Bineo.
Colombia and Chile
The trend is replicated in other countries in the region. In Colombia, for example, Nequi obtained its operating license independently of Bancolombia in 2024.
There is also Movii, another Colombian neobank, which began operating this year.
Integrity is another neobank that received the endorsement of the Colombian Superintendencia Financiera to start operating in the country, with specialized solutions focused on companies.
In Chile, Tenpo filed an application with the Financial Market Commission (CMF) to obtain a banking license in the country. With four years of operation and more than 2 million customers, the fintech controlled by Grupo Credicorp is now preparing to enter the banking sector through the launch of the first neobank in the country, a completely digital entity.
The keys to the financial sector
Bank penetration
While bank penetration in Latin America is still relatively low, it has been increasing steadily, creating new opportunities for financial institutions.
Technological innovation
The adoption of new technologies, such as digital banking and fintech, is transforming the financial sector and creating new opportunities for new players.