Santander’s Openbank Gains CNBV Approval to Operate in Mexico

Openbank, Santander's fully digital bank, has received authorization from the National Banking and Securities Commission (CNBV) to operate in Mexico, marking a pivotal step toward its launch in the competitive digital financial services landscape.

“We have received the permit from the CNBV to operate in Mexico. With this permit, we take another step to finalize our launch,” announced Matías Núñez, CEO, Openbank Mexico, on LinkedIn. According to Núñez, the CNBV's authorization confirms that Openbank's systems are ready to operate locally. After receiving its banking license from the CNBV in June 2023, the bank is now in the final stages of preparation for its launch.

Recently, Openbank introduced a waiting list in Mexico, inviting potential customers to sign up for early access to its products once operations begin. This approach aims to gauge local market interest and tailor its offerings to meet the needs of digital-first users.

Alongside its upcoming entry into Mexico, Openbank has also launched operations in the United States, expanding its international footprint and reinforcing Santander's commitment to positioning its digital subsidiary in strategic markets outside Europe.

Openbank's North American expansion aligns with a broader trend toward digital banking driven by the demand for faster, more accessible financial services. In the U.S., the bank plans to offer high-yield savings products through an intuitive, secure platform, with additional products set to launch through 2025 to provide comprehensive banking services similar to those offered in Europe.