Bank account ownership is steadily increasing globally, reports the World Bank. In Mexico, Ualá announced a new director general and its plans to expand operations, while the Mexican president announced a future meeting with his peers from the US and Canada.
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Ualá presented its newest director general for its Mexican offices: Luis Madrazo Lajous. Among many objectives, Madrazo will work to grow the fintech’s operations in the country. “The digital financial services industry is increasingly growing and at the same time, generating constant changes in the sector. I am very happy to join Ualá, to continue promoting financial inclusion in Mexico. In this sense, we seek to strengthen our value proposition in the market and build an ecosystem that allows people to have access to more and better financial products,” said Madrazo.
Mexico’ equity market is in turmoil and the upcoming months are vital to test the Mexican tech ecosystem’s resilience. “The technology ecosystem in Mexico is young. Building on earlier decades of development (with firms such as Softtek and Kio Networks in the 1990s and 2000s), today’s technology companies are better capitalized, faster growing and more global in reach than previous vintages. The last five years has delivered an explosion of companies spanning from e-commerce to fintech to healthtech, driven by several meaningful forces,” said Andrew Endicott, Co-Founder and GP, Gilgamesh Ventures.
The World Bank presented its Global Findex report, which indicates that bank ownership increased to 76 percent worldwide. The Global Findex also specified that 74 percent of men but only 68 percent of women in developing economies had an account. There are still numerous barriers to the penetration of financial solutions in emerging markets. “A multi-country mystery shopper study evaluating financial institutions in Ghana, Mexico, and Peru found that when actors posed as potential customers, they were rarely offered the cheapest product or given the correct cost,” reads the Global Findex.
Mexican President Andrés Manuel López Obrador will meet with his counterparts from the US and Canada, Joe Biden and Justin Trudeau, on November 2022. The three countries will address the recent labor complaints regarding the USMCA. During past months, several US companies presented complaints against companies operating in Mexico.