Fintech War Rises Yields to 15%: The Week in Finance

Ualá, Nu, and Stori are engaging in a deposit war, elevating yields to 15% to attract customers to their services. Meanwhile,  the National Banking and Securities Commission (CNBV) granted an operating license to Mexican fintech Klu Tech. Additionally, Latino small business owners emerge as the fastest-growing segment of entrepreneurs in the United States.

Read this and more in this week in finance!

Ualá Joins Fintech 'Deposit War,' Elevates Account Yield to 15%

Ualá has raised its account yield from 12% to 15%, aligning with the ongoing trend in the fintech industry's "deposit war" to increase annual yields, following similar moves by Nu and Stori. The enhanced yield, applicable to all customers with account balances and without term conditions, aims to simplify the financial experience for users, allowing them to avoid moving money within the app. 

Mexican Fintech Klu Tech Secures Operating License from CNBV

Mexican fintech Klu Tech has obtained an operating license under the Electronic Payment Fund Institutions (IFPE) model from the CNBV, becoming the 69th fintech company to be recognized by the commission. The approval reflects the growing role of digital finance in Mexico.

Latino Small-Business Owners Drive US Growth, International Trade

Latino-owned small businesses are the fastest-growing segment of the US economy, employing over 7 million people and generating over US$3 trillion in revenue in 2022. Latino-owned small businesses are also the fastest-growing segment of US exporters, with exports increasing by 7.5% in 2022, contributing significantly to job creation, revenue generation, and the expansion of trade ties between the two countries, writes expert Edmundo Montaño, General Manager, Drip Capital Mexico. 

PEMEX Pays DUC in October

State-owned oil company PEMEX paid MX$45.219 billion (US$2.62 billion) for the Shared Profit Right (DUC), its second-highest payment in 2023. While PEMEX's total payments decreased by 7.4% compared to the same month last year, its DUC contribution is emphasized as a crucial financial tool, with recent legislative adjustments reducing the tax burden on PEMEX in the 2024 Federal Revenue Law.

Are you ready to set yourself up for success in 2024? Join us at Mexico Business Summit 2023, the must-attend B2B conference for Mexico’s business leaders!

Taking place on Nov. 28-30, 2023, at Expo Santa Fe in Mexico City, this high-level multi-industry conference offers unmatched opportunities to get inside perspectives on key industry trends, access actionable business intelligence, generate pre-qualified leads and identify new opportunities in a unique cross-industry networking environment.

Mexico Business News offers you an exclusive MX$2,000 ticket discount by using this code: MBS2023MBN2000. 

Don't miss this opportunity and get your tickets here: https://mexicobusiness.events/MBS/2023