Miranda’s Weekly Mex FinTech Monitor
July 17, 2023
Mexico FinTech News
Regulators grant multiple approvals
As was hinted at last week, Mexico’s Securities and Exchange Commission (CNBV) approved HeyBanco’s banking license application. HeyBanco previously told Expansión that it would develop a separate app, Hey X, to invest in fractional stocks listed in the US, among offering other products. Regulators also approved Openbank’s banking license, which is expected to launch in early 2024, complimenting Banco Santander’s existing offering. Openbank is already one of the largest digital banks internationally. Finally, regulators approved Financiera Haai Capital’s SOFIPO application. The SOFIPO is the latest project of José Porfirio Sánchez Talavera and Erick García Balcázar, the founders of Trafalgar, a digital wallet that was purchased by Walmart in April. It is unclear what exactly the new company will do, although it will be able to collect and lend public funds with the regulatory approval.
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