Banorte's New Digital Bank, Bineo, Launches Operations

Grupo Financiero Banorte, in pursuit of its vision to emerge as the leading financial group in a digital landscape, has introduced Bineo, “the first entirely digital bank in Mexico”.

Operating under its own Multiple Banking Institution license, authorized by the National Banking and Securities Commission (CNBV), with the endorsement of Mexico’s Central Bank (Banxico) and support from the Institute for the Protection of Bank Savings (IPAB), Bineo started its operations with the backing of 400,000 UDIS, equivalent to over MX$3 million. 

Prospective clients can register for Bineo directly through their smartphones, eliminating the necessity to visit a physical branch. The Bineo application is available for download on both IOS and Android platforms. In its initial phase, Bineo will introduce the Cuenta Bineo, Total, and Ligera, along with the Préstamo Bineo, with additional products and services planned based on customer needs.

The Bineo Total account allows for limitless deposits, while the Cuenta Bineo Ligera caps deposits at 3,000 UDIS per month, approximately MX$24,000. Both accounts offer access to Bineo pockets, allowing users to allocate portions of their savings toward specific goals. Clients will also receive a digital debit card for online transactions and an infoless physical card (without printed card number or CVC), usable at Banorte's network of over 10,000 ATMs.

Clients can also apply for the 100% digital Préstamo Bineo within minutes, eliminating the need to visit a brick-and-mortar branch. Loan amounts range from MX$5,000 to MX$$200,000, featuring “no opening fees, competitive interest rates, and repayment terms spanning 6 to 24 months”.

"The launch of Bineo marks a significant milestone for Grupo Financiero Banorte, enabling us to address the needs of those who prefer a human-digital blend and those seeking 100% digital banking, all while upholding the financial security that has always defined our institution," said Carlos Hank González, Chairman of the Board, Grupo Financiero Banorte.