Mexico Leads Pacific Alliance; Customs Break Collection RecordBy Emilio Aristegui | Wed, 02/02/2022 - 10:50
The Pacific Alliance met this week, as its members seek to develop the region while enhancing integration between member countries.
Mexican customs had a historical year, shattering the previous collection record.
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Jaime Márquez, Director of Business Development, Grupo STP/LGEC, explained the rise of fintech in Mexico, where digital personal finance, payment, investment and crowdfunding services are now vital parts of life. “The main element that the fintech ecosystem needs is immediacy. Transactions need to be reflected in just a few seconds, regardless of the day or time they are made,” said Márquez.
Mexican fintech company Dapp has unique interoperable transactional exchanges that allow any wallet to scan a QR without needing a touchpoint with the merchant, allowing sellers to benefit by avoiding the integration of several wallets, explained Antonio Pelaez Díaz, CEO & Co-Founder, Dapp.
The Council of Finance Ministers (CFM) from the Pacific Alliance met in Bogota, Colombia, to further enhance the development and integration of the region. Mexico’s Minister of Finance, Rogelio Ramírez de la O, explained that the country targets economic growth, improving the living conditions of the population, increasing well-being and reducing inequalities.
The Ministry of Finance and Public Credit (SHCP) announced that at the end of 2021, Mexican customs registered a historical MX$1.31 billion (US$65.12 million). This is custom’s highest figure since records have been kept, with a 15.39 percent growth in comparison to 2020. President Andrés Manuel López Obrador had previously decided to use the country’s Navy and Army to provide better security throughout the country’s customs.
“To improve the relationship, banks can establish a trusted connection, so their customers do not have to concern themselves on privacy issues when they interact with their financial institutions. Clients should learn that banks can do so much for them beyond just offering core products, such as car loans, savings, and wealth management. Banks can, in fact, be more than a bank,” explained Federico de Simoni, Head of Latin America, Flybits.
Revolut launched a 30-minute free money transfer to improve international payments and borderless payments, providing a new opportunity for its US clients seeking to transfer money to Mexico. The company allows customers to check the status of their transfers directly within the app. Revolut also highlighted that sending money to Mexico from the US has been historically slow and expensive, a problem that the company seeks to solve.
“From an Asian perspective, Latin America is becoming increasingly attractive as other parts of the world are becoming increasingly competitive and more difficult to enter,” said Stefan Krautwald, General Partner, Latin Leap. Krautwald also highlights that Latin America is a relatively untapped market, as he points out that blue ocean strategies could find important success.