The fintechs that used Accendo Banco’s platform services in Mexico weren’t affected by the bank’s liquidation. Rappi, the largest of the companies, told local media that it requested the cancellation of its contract with the bank, and said that 1.2% of its active clients will be unable to use their debit card for a short period.
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The National Banking and Securities Commission (CNBV) revoked the bank’s license because its capitalization levels were below the permitted levels. The liquidation did not affect the rest of the system, but it raised questions about what would happen to the fintechs that used Accendo’s Bank as a Service (BaaS) platform to issue cards.
“It’s possible this situation will rekindle the debate about regulating BaaS,” said Carlos Valderrama, managing partner of Legal Paradox in Mexico City. “In any case, a reform of the regulatory framework of banking institutions will be necessary to allow this concept to reach its full potential,” he anticipated.