Saturday, April 19, 2025

Banorte wins approval for new all-digital bank

Banorte has won approval to operate a 100% online bank, a development the bank says will help it strengthen its position as a digital leader in the Mexican banking market.

The bank last week advised the Mexican Stock Exchange that the National Banking and Securities Commission (CNBV) had authorized the creation of Bineo, as the digital bank will be called.

The authorization is an “important step in the development of our digital bank,” Banorte told investors, adding that it will “allow us to move closer to the consolidation of our medium term corporate strategy and of our position of digital leadership in the Mexican market.”

The newspaper El Universal reported that Bineo will become the 51st bank operating in the Mexican market. Banorte is the first established bank in Mexico to receive authorization to operate a stand-alone, fully digital bank.

Santander is seeking CNBV authorization to bring its online bank Openbank to Mexico, while Banregio is awaiting approval that will allow its Hey Banco digital bank to operate independently.

Online banking is growing in popularity in Mexico. CNBV data shows that there were over 68.2 million digital transactions in the first six months of the year, a 20% increase compared to the same period of 2021.

Banorte general director Marcos Ramírez said last week that the objective of the “digital transformation” is to “create an [online banking] experience without friction, … [and] improve [waiting] times for a vast number of processes.”

With reports from El Universal and El Economista 

Have something to say? Paid Subscribers get all access to make & read comments.
the harpy eagle

Mystical eagle thought to be extinct in Mexico reappears in Chiapas

4
The discovery of the elusive eagle, announced this month at the Chiapas Birding and Photo Festival, follows nearly a decade of community-led monitoring of the species in the region.
Defense Minister General Ricardo Trevilla Trejo in a video call with General Gregory M. Guillot, commander of the United States Northern Command, on Wednesday.

Fact check: Border crossings and drug seizures are down, but Mexico and US can’t agree on how much

0
Both the United States and Mexico have cited high percentages when discussing border data, but what are the numbers behind the recent reductions in border crossings and fentanyl seizures?
A firefighting helicopter flies over Tepoztlán national park

Conafor: Tepozteco wildfire completely contained after 9 days

0
The El Tepozteco wildfire, which scorched more than 1,200 hectares near Tepoztlán, has been contained after nine days of coordinated firefighting efforts.