bineothe digital bank of Banorte -that already has the license to operate from the National Baking and Stock Commission (CNBV) – would enter into operation at the end of 2023, announced the general director of the financial group, Marcos Ramirez Miguel.
In a conference on the occasion of the presentation of the group’s results for the first quarter of 2023, the director of Banorte specified that it is going very well, but that they are long processes “and I think it will be until the middle or end of this year,” he said.
He stressed that work continues on the regulatory processes with the financial authorities. “We are attending to the regulatory processes, which are a lot.”
He explained that today the process is in the internal testing phase, but what they don’t want is to release just one product, but rather the entire bank, and that, he said, takes a little longer. For this reason, the idea is that it be ready at the end of this year.
already has a manager
What Marcos Ramírez did advance is that Bineo already has a director. This is Víctor Moya, who, as explained, comes from the fintech world and other financial institutions.
In fact, he pointed out that Bineo already has a staff of 132 people, which represents 80% of the total. “We continue with some vacancies that will be filled between now and next year.”
three competing
The director of Banorte clarified that Bineo has nothing to do with the alliance that it has today with rappi -which will continue-, and also Banorte itself has its own technological platform, so they will compete between the three.
And on the other hand, we are launching the Bineo bank, which will be a totally digital bank for people who want it that way (…) the three are competing with each other, the market is very large”, he explained.
the other cases
Other banks that have announced the launch of their digital banks are Santander with Openbank and Banregio with Hey Bank. These two have already filed the respective license application with the CNBV.
Affirme, for its part, last year announced its digital bank called Billú and Invex with Now, both, as part of their business, without the need for their own license.
