“I believe that interest rates are not going to affect our growth. Interest rates indirectly affected our competitors’ access to financing and therefore for us it is simply competition, we strengthened ourselves in a relative way,” he said in an interview. Luis Madrazo Lajousnewly appointed Country Manager of Ualá Mexico.
The ITAM economist believes that “healthy competition” will help financial inclusion thanks to technological tools and emphasized that the company has a “strong commitment” to the country. “We are going to dedicate a good part of our resources and our time in the following years to having the same success that we have had in Argentina,” assured the former official of the Ministry of Finance during the six-year term of Enrique Peña Nieto.
The technology company has great appeal, according to the manager, thanks to the fact that it achieved one of the largest private investment rounds and a valuation of 2,450 million dollars, differentiating itself from other technology companies that have also become “unicorns”.
Among the first assignments that Madrazo Lajous has at the head of Ualá México is the closing of the purchase of the ABC Capital bank, which he made in November 2021 and which is subject to the authorization of the National Banking and Securities Commission (CNBV).
Once the acquisition of the bank is completed, Ualá México will be able to offer new products. “We believe that having a banking license will allow us to offer the full range of products that may be useful to our clients. We have a file in order and we are waiting for authorization from the CNBV within a reasonable time,” he said.
Before coming to Ualá Mexico, Lajous was the corporate director of Scotiabank Financial Planning, Analysis and Controllership and he says that even before receiving the new job proposal, the idea of having more dynamism in his career was already on his mind.
“I had been in the traditional banking system for a few years and last year I began to think that I would like to have a more dynamic career in which, with all these technological changes that are happening, they can be transformed, can be channeled and can result in greater financial inclusion,” he commented.
Although Madrazo Lajous already had a wishlist or list of places where he would like to work, there were a couple of companies that sought him out to integrate him into their team and it was Ualá that convinced him.
“It made me very happy because I think it is a great opportunity to apply the experience I have and the knowledge I have been acquiring in recent years. It is a very profitable company thanks to the fact that it gives people a great product and access to financial services for which I have fought for a good part of my career,” he added.
For Madrazo, the firm offers a great value offer to support the financial needs of individuals and business growth. Ualá offers debit cards, from the hand of MasterCard, and an app for people to keep track of their expenses. This year it announced the launch of Ualá Bis, its mobile and digital terminal with which it will compete with firms such as Clip and Mercado Pago.
Ualá has more than 3.7 million cards issued in Argentina and more than 300,000 in Mexico. It has a presence in Argentina, Colombia and Mexico, where it also has banking licenses.
When asked about the personal stamp that he plans to leave in the firm, Madrazo Lajous said that he wants to give the right products to each client.
“I want to make sure that the technological capabilities fit well in the right vehicle in Mexico, all the value that we know we can give them for the benefit of their quality of life and the growth of their businesses,” he said.
