Regulation, Innovation: Two Sides of Efficient Financial Services

In just over a decade, the way people in Mexico consume and access financial services has completely transformed thanks to technology. The diversification of offerings and the agility of services have enabled rapid progress in financial inclusion, e-commerce, and access to investment opportunities.

The swift adoption of technology in financial services has demonstrated a strong need in the country for solutions tailored to specific niches. And as long as clear regulations exist, prioritizing agility and innovation will always benefit people. That’s why it’s essential for companies and regulators to engage in dialogue and build a regulatory framework that meets requirements, remains flexible, fosters innovation, and includes the necessary safeguards to protect users.

Finding the balance between compliance and the adoption of new technologies is no easy task for regulators or for companies. From the entrepreneurial front, we adopt compliance-by-design practices, meaning we incorporate regulatory requirements from the very beginning of product development. This allows us to comply with standards on anti-money laundering, data protection, and customer identification with the highest levels of quality, always placing our users and their security at the center.

As a result, there have been significant advances in financial inclusion — progress that can and should continue to expand.

Currently, 63% of Mexicans have at least one formal savings account, according to the 2024 National Financial Inclusion Survey. This figure represents an increase of nearly 14 percentage points compared to 2021. In the same period, accounts opened through internet or non-bank applications nearly quintupled, rising from 2.7% to 10.3%.

These results highlight the positive synergy that emerges when the public and private sectors engage in dialogue and create the conditions to offer high-quality services. By introducing agile, simple, and accessible processes for everyone, the use of financial services has become more common among those who were traditionally excluded.

Today, financial inclusion is reaching more people. It’s an achievement shared by all sector participants and a reminder that when public and private actors work toward a common goal, anything is possible.

A recent example is our collaboration with the government of the State of Mexico to improve access to public transportation through a credit card, specifically designed for people who previously had no access to banking products. Still, more work is needed to include communities that traditionally face barriers in the financial system, such as women. The more progress we make in this area, the more all Mexicans will benefit.