Banorte arrives at its next party
Grupo Financiero Banorte is one step closer to launching a new digital bank, after receiving authorization to open a new multiple banking institution.
It is part of a strategy outlined 18 months ago, when the CEO announced that the bank wanted to be “at
all the parties.” Since then, Banorte has partnered with Rappi – and has issued some 600,000 cards to date through that joint venture – but still has ambitions to also launch a 100% digital bank.
And while the new institution could be described as a fintech, the bank opted for another regulatory path.
“We have already confirmed that it will be a 100% digital bank with a digital bank license and it will not be covered by the Fintech Law, but rather as a different entity,” says Héctor Ortega, CEO of Hypertech, a technology company focused on digital channels for the financial sector.
According to Ortega, several attempts had already been made in Mexico to achieve this type of approval (of an additional
multiple banking institution license) but none managed to be as successful as Banorte. The bank has 11 million clients, of which a little more than half used digital channels in the second quarter.
Finally, this bet by Banorte could push other traditional banks accelerate their digital strategies.
“Fortunately there are still many needs for financial inclusion. We are not completely banked, so I think there is a lot of material and a lot of market still,” says Ortega.