The subsidiary of Banco Santander in Mexico and the Embassy of the United Kingdom in the country have announced that they will promote a study on the challenges, perspectives and opportunities for the development of Fintechs.
Specifically, Santander Mexico stated that it has found in the Fintech an ally for the promotion of innovations in its products, rather than a competition. For this reason it has developed more than 10 projects in the last two years with 15 Fintech. Which have allowed the creation of ideal digital payment solutions for financial inclusion, innovative automatic savings tools and sensitive improvements in our digital platforms.
How it will develop Fintech
The subsidiary of the Group chaired by Ana Botín indicated that the study will be developed by Endeavor. And will provide recommendations so that these companies can continue to develop. Accelerating competition, under equal conditions for banks and Fintech, and will help identify public policy opportunities. So that, the Fintechs can continue to provide innovations in financial matters in favor of the community.
It should be noted that this announcement took place in the Residence of the Ambassador of the United Kingdom in Mexico. Where the study on financial inclusion focused on women’s empowerment was also presented, and subsequently a panel on Investment in Fintech as a vehicle of inclusion coordinated by Santander Mexico.
The event was headed by the Ambassador of the United Kingdom in Mexico, Corin Robertson, and Javier Castrillo, Executive Director of Digital Banking at Santander México. Who were accompanied by the Undersecretary of Finance and Public Credit, Arturo Herrera, and the president of the National Banking and Securities Commission, Adalberto Palma.
Fintech in Mexico
Currently, Mexico is one of the economies with the largest development of Fintech companies in the region, with more than 300 companies of this type. Which places the country as the second largest Fintech ecosystem in Latin America.
In 2018, the attributable profit of Banco Santander increased by 18% in 2018, to 7,810 million euros. In the case of Mexico, the attributable profit of Santander increased by 7% to 760 million euros plus 14% in constant euros. Total revenues increased 9% year on year in constant euros. While credit quality remained solid, with a drop in the NPL ratio of 26 basis points to 2.43%.
Also published on Medium.