Mexico’s Fintech Expands, US Stocks Slide: Finance Week

This week in finance news: Mexico's fintech sector has grown by 20%, reaching over 70 million users nationwide. Meanwhile, US stocks have fallen after Donald Trump announced higher tariffs on Canada and China, raising fears of a looming recession.

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Mexico's Fintech Sector Projects 86 Million Users by 2027

As of 2024, Mexico is home to nearly 1,000 fintech initiatives, including 773 local companies and 220 international firms, according to Finnovista. The sector has been growing at an annual rate of approximately 20%, with over 70 million users of fintech services nationwide. This number is projected to reach 86 million by 2027.

FOVISSSTE Allocates MX$7 Billion for Women’s Housing Credit

The Housing Fund of the Institute of Security and Social Services for State Workers (FOVISSSTE) has introduced a new housing credit program aimed at women, allocating approximately MX$7 billion (US$343 million) for 2025. This  initiative represents 19% of FOVISSSTE’s total annual financing program.

US Stocks Drop Amid Trump Tariffs, Recession Fears Surge

US stocks plunged Monday, with all three major indexes posting significant losses as concerns over President Donald Trump’s economic policies triggered a broad market selloff. The Dow Jones Industrial Average closed down 890 points, or 2.08%, after plummeting more than 1,100 points earlier in the session. The S&P 500 dropped 2.7%, while the Nasdaq Composite sank 4%, marking its worst single-day loss since September 2022. 

Mexico May Dodge Long US Tariffs, Banamex Forecasts

Mexico is unlikely to face a prolonged period of high tariffs from the United States despite recent uncertainty over trade policies, according to Banamex executives. This assessment follows the decision by US President Donald Trump and Mexican President Claudia Sheinbaum to postpone the implementation of new tariffs until Apr. 2.

BBVA to Launch Bitcoin, Ether Services in Spain

BBVA has received approval from Spain’s National Securities Market Commission (CNMV) to offer cryptocurrency custody and trading services in the country. The authorization allows the bank to facilitate transactions for retail clients, initially focusing on Bitcoin and Ether.