Dutch Neobank bunq Expands into Mexico
Dutch neobank bunq has set its sights on the Mexican market. The digital-only bank has submitted an application for a banking licence with the Comisión Nacional Bancaria y de Valores (CNBV), in coordination with Banco de México (Banxico). This move signals bunq’s intention to extend its global footprint and provide financial services to residents in Mexico, particularly those who encounter difficulties in accessing local banking.
Implications of the License
If the license is granted, bunq will be able to provide comprehensive banking services to Mexican residents. This includes offering multi-currency accounts and deposit protection through the Institute for the Protection of Bank Savings (IPAB). The license would also allow bunq to cater to the needs of Mexico’s unbanked population, a significant portion of the country’s residents.
Global Expansion and Profitability
bunq is not new to international markets. The neobank has a presence in over 30 European markets and continues to expand its global reach. It has also applied for a US de novo banking license and has already secured a US broker-dealer license. Notably, bunq is the first EU neobank to record a full year of profit, highlighting its financial robustness and growth potential.
A Message from the CEO
bunq’s founder and CEO, Ali Niknam, shared his insights on the company’s expansion into Mexico. He said, “bunq is designed for people who live, work, and travel across borders, and as a vital hub connecting the Americas, Mexico is a natural home for us. Our users are global citizens, so they need a bank that is safe, secure and easy to use, wherever they are. It’s been great working with CNBV and Banxico on how we can make life easy for those who call Mexico home.”
Expansion into the US
Earlier this year, bunq filed a formal application with the US Office of the Comptroller of the Currency (OCC) for a de novo banking licence in the US. If successful, eligible users in the US would be able to open both American and European current accounts, further testament to bunq’s commitment to providing flexible and borderless banking solutions for its users.
Source: Here
