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Weekly Roundups

Mexico Has New Unicorn; US$40.3 billion in Exports

By Emilio Aristegui | Thu, 09/30/2021 - 17:42

Konfio became the newest Mexican Unicorn by reaching a US$1 billion valuation. Meanwhile,  inflation continues to rise in the country, exports reached US$40.3 billion, Banxico unveiled new MX$20 (US$1) bills, MX$20 (US$1) coins and MX$10 (US$0.5) and Mexico placed a US$12.5 billion MBONO at a 5-year fixed rate.

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New MX$12.5 billion MBONO Placed at 5-year Fixed Rate

Mexico’s Ministry of Finance and Public Credit (SHCP) placed a MX$12.5 billion (US$621 million) bond that will expire in 2027 “to maintain a liquid reference for the next auctions and improve the profile of scheduled amortizations between 4 and 6 years.”

Banxico Unveils Commemorative MX$20 Bill

The new MX$20 (US$1) “Solemne y Pacifica, Entry of the Exercise of the Three Guarantees into the Capital of Mexico on September 27 of the Memorable Year 1821” bill began circulation on September 24, reads a Banxico press release. The bill’s design was based on an anonymous author’s art from the National Museum of History, Castillo de Chapultepec, Mexico City.

New 20-peso, 10-peso Coins Begin Circulation

Banxico also began circulating six new coins in honor of the 700 years since the lunar foundation of Mexico City-Tenochtitlan, the historical memory of Mexico-Tenochtitlan, and the Bicentennial Anniversary of Mexico’s Independence.

Tech to Facilitate Performance and Improve Experience

Writing in MBN, Pablo Cubelo, IT Director at Bupa Mexico, highlighted the importance of ensuring information is managed correctly. “Our strategy follows the strictest regulations regarding data access. All the control accesses are constantly updated, so we are aware of who uses the data, when and why. We also undergo internal and external audits to detect any weak spots in our information management chain.” Bupa is a health insurance provider headquartered in the UK, with operations in the EU, the Americas, Asia and Africa.

Mexico Registers Increase in Exports for 2021

The National Institute of Statistics and Geography (INEGI) announced that in the first eight months of 2021 “the value of total exports added up to US$317 billion, which meant an annual increase of 24.3 percent.” However, Mexico also saw a trade deficit during August 2021 of US$3.9 billion.

Mexican Financial Industry to Digitalize

Juan Carlos Castro, Co-Founder at Briq Fund, discussed the future of Mexico’s financial industry in the post-COVID-19 era. “With the restrictions that were experienced in 2020, most users migrated to digital channels. However, digital channels are an area that most traditional players in the financial sector are in the process of exploring. On the other hand, there is a vibrant ecosystem of new companies that were born in the digital channel and that have already been offering services via this medium: the fintech world.” Castro highlighted that a positive outcome of the crisis will happen thanks to a more competitive financial system.

Konfio: Newest Mexican Unicorn

After consolidating its market position while promoting financial inclusion, Konfio acquired funding for the equivalent of US$125 million reaching a total of US$235 million in capital. The company reached a valuation of US$1.3 billion and turned into the newest Mexican unicorn. “Without a doubt, this stage commits us more to each and every one of our clients, collaborators and investors, confirming that we continue to grow to be the best ally that drives Mexican companies,” said Konfio in a press release.

 

The data used in this article was sourced from:  
MB
Emilio Aristegui Emilio Aristegui Junior Journalist and Industry Analyst