학술논문

MercadoLibre Kicks Off Talks to Apply for Mexico Banking License.
Document Type
Article
Source
Bloomberg.com. 5/21/2024, pN.PAG-N.PAG. 1p.
Subject
*Banking industry
*Investment products
*Small business loans
Language
Abstract
MercadoLibre, a Latin American e-commerce and fintech company, is in talks with Mexican authorities to apply for a banking license. This license would allow the company to expand its range of products in Mexico. The process is expected to take 12 to 24 months. Mexico is an important market for financial services startups, as less than 50% of the population has a bank account. MercadoLibre currently operates in Mexico under a fintech license, but a banking license would provide additional benefits such as receiving payroll deposits and offering credit cards more quickly. The company plans to invest $2.5 billion in its operations in Mexico and create 8,200 new jobs in the country. [Extracted from the article]

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