Fintech from UK arrives in Mexico to promote digital banking

mexico city /

Starting today, five financial technology company from great Britain and at the scaling stage they will reach Mexico strive to connect with the ecosystem and Financial system local digital transformation through programs ScaleUp Bridge-UK Fintech.

This program is organized by UK Department of International Trade, Grupo Financiero Banorte and Monterrey Digital Hub, which seeks to enable UK companies to achieve an important level of scale, to ensure the creation of economies, future investments and jobs that benefit the country.

Deputy General Manager Banorte innovation, Guillermo Güémez, sure that they will look for at least some developments from these companies to include in digital service, but in general the companies that are part of this program focus on generating value through technology, strengthening the services offered by traditional banking, knowing the business model fintech which are being developed in other parts of the world and closer to new clients they cannot access.

“This system opens up a different set of markets and experiences with lower prices, risk-free consumption and endless use cases that are typically more complex to serve banks, but by associating ourselves with fintech, we are opening up to more use cases”.

For its part, the Embassy great Britain recognize that the two countries are two players of great relevance in the ecosystem fintech world. In 2020, European players managed to attract investments of more than 3.4 billion euros, while Mexican companies attracted investments of 567 million dollars, which represents 20 percent of all Latin America’s investment in the company.

The services offered by these companies are focused on driving small businesses into digital banking and enabling them to make faster payments, contactless payment methods, credit risk assessment, streamlining and optimizing loans, and facilitating intercompany payments.

They explained that banorte will support UK companies as mentors to learn about the Mexican financial system and the regulations they face, while from Monterrey Digital Center, will open the door to other companies like Cemex, Arca Continental, Cicsa and Bimbo which will connect the company to the system.

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Matt Thompson

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