Three Digital Banks to Start Operations in 2024

Banorte's Bineo, Santander's Openbank, and Banregio's Hey Banco will start operations in the course of 2024.

This move to digitize operations goes along with the digital finance trend that has grown exponentially since 2020. During the initial half of 2021, the sector witnessed notable expansion, amassing a total of US$1.7 billion, showcasing a significant surge compared to the US$262 million recorded in the corresponding period of 2020. Fintech Mexico reports that the number of registered digital banks in 2021 reached 31, marking a substantial 10.3-fold increase from the mere three observed in 2017. 

“We [have] initiated our origination strategy through hyper-personalization, seeking to differentiate and personalize offers towards our customers using analytics tools that are based on the behavior and particular profile of our customers. We will apply the same approach to Bineo, the new digital bank of Grupo Financiero Banorte that we are about to launch," detailed the bank.

As for Openbank from Santander, it is expected to start operating in 2024 after receiving authorization for its establishment as a banking institution. Recognized for operating entirely in the cloud and offering 100% digital products, the entity plans to provide a top-notch experience without physical branches.

"With this initiative, we will consolidate a complete offering for customers seeking a digital bank with branches like Santander, or an entirely digital alternative like Openbank, positioning us as the most powerful and innovative player in the market," Felipe García, CEO of Santander Mexico emphasized.

Another entity that received authorization in 2023 to operate as a bank is Hey, which currently operates as the digital arm of Banregio. The expectation is that it will commence operations as an independent entity in the course of 2024.