We see in the license the opportunity to give Mexicans a lot that we are backed by the IPAB and to expand our product offer towards issues that we cannot offer today, as is the case of payroll, which we believe will be a very relevant product towards the future
Juan Carlos Guillermety, CEO of Spin
The CEO, which charges in its curriculum four years of experience in NU and 10 in Visa, adds that FEMSA prepares the file it will present to the National Banking and Securities Commission (CNBV) and the Bank of Mexico (Banxico).
“I prefer not to give a specific date, but what I can say is that we have all the internal alignment within FEMSA that this happens as soon as possible,” he adds.
Obtaining a bank license will imply greater supervision, especially after last June Interm, Vector and Ci Banco They were indicated by the United States Wub the United States. FEMSA, aware of the dimension of having a license as a bank, considers that being the largest correspondent in Mexico has rigorous processes to avoid money laundering.
Guillermety says that the company will hire the talent necessary to meet the standards in this area, in addition to there will be investments in technology that give them peace of mind that their business operates without this type of case.
13 million Mexicans visit an oxxo a day
One of the advantages that Spin will have in front of other competitors, says Guillermety, is the infrastructure that Oxxo has built for years.
The convenience store chain is well positioned in the lives of Mexicans: more than 80 million Mexicans go through an Oxxo per month and more than 13 million pass in one day.
This influx of customers, who goes to pay services or to buy a product, generates brand positioning and confidence that every banking business needs.
“When we think of our Banking Digital Offer, the correspondent is more limited to other consumer segments within the country and is mainly in socio-economic strata c, c-, D+ and D,” he says.
Under this premise, Spin will seek to focus on understanding the needs of this sector of the population in which the use of cash predominates and meet their credit needs.
“We all recognize the effective management that exists today in Mexico, probably in the next 25 years, it will be very different and will be much smaller because there are important virtues around electronic money,” he says.
Editor’s note: In this note it was originally published that Spin is Oxxo’s financial business, but was updated to specify that it is from FEMSA.
