Mexico’s Central Bank (Banxico) hinted at a potential interest rate reduction in 2024. In other news, Citi has infused millions into Mercado Pago’s Mexican and Brazilian branches to fuel SME growth, and the STP Summit convened financial technology leaders who identified AI and super-apps as the next big trend.
Read this and more in this week in finance!
Banxico hinted at a potential interest rate reduction in 2024, with analysts noting a change in language from "prolonged time" to "some time." Despite maintaining the Interbank Interest Rate at 11.25%, there is speculation of its potential decrease in the first half of the upcoming year.
Citi has invested US$466 million in Mercado Pago's operations in Mexico and Brazil to enhance credit access for SMEs. The funding, divided between both countries, is aimed at strengthening Mercado Pago's lending capabilities. Mercado Pago has extended over 12,000 loans, surpassing US$67 million in total value, and reported strong financial performance in Mexico and Brazil.
Experts at the STP Summit highlighted the transformative impact of open finance, AI adoption, and the emergence of super-apps on the digital financial sector, emphasizing Mexico's pivotal role in balancing regulations and fostering innovation. Deloitte and Huawei Cloud speakers emphasized the role of technology in reducing operational costs, driving financial innovation, and effectively mitigating fraud.
Unlimit distinguishes itself in the e-commerce space through its payment-centric approach, providing borderless payments that enable businesses in Mexico and globally to operate seamlessly, Ignacio Morales, Country Director Mexico, Unlimit, tells MBN.
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