MercadoLibre Kicks Off Talks to Apply for Mexico Banking License
- Fintech arm to seek license to broaden product offering
- Company not seeking bank license in other countries: executive
Within a year of starting to offer credit cards in Mexico, Mercado Pago has issued 1 million in the country.
Photographer: Sarah Pabst/BloombergThis article is for subscribers only.
Latin American e-commerce and fintech giant MercadoLibre Inc. is beginning conversations with Mexico’s authorities to apply for a banking license that will allow it to expand the breadth of products it offers in the country.
The company is in talks with the central bank, the banking regulator and the Finance Ministry as it seeks the license, said Osvaldo Gimenez, president of Mercado Pago, the company’s fintech unit. The formal process will begin in the coming months.