Factor Capital

In a groundbreaking development for Mexico’s financial sector, Hey Banco has been granted a coveted banking license by the National Banking and Securities Commission (CNBV). As the nation’s first digital bank, Hey Banco is poised to take a giant leap towards independence and solidify its position as a full-fledged financial institution in Mexico.

The authorization, which was awarded to Servicios Banregio, S.A. de C.V. – an integral part of Banregio Grupo Financiero – represents a significant milestone in the bank’s journey towards autonomy. To comply with regulatory requirements, Hey Banco will transform into a Multiple Banking Institution and be formally known as Hey Banco, S.A., Institución de Banca Múltiple, Banregio Grupo Financiero. The expected timeline for its official operations is set for the conclusion of 2024.

Hey Banco’s rise to prominence is a testament to the growing importance of digital banking in Mexico’s financial landscape. With this banking license, the institution will exclusively offer its products and services under the distinctive “Hey Banco” brand, a line of offerings currently managed by Banco Regional, S.A., Institución de Banca Múltiple.

Financial Ecosystem

While the authorization is a pivotal achievement, there remains a pre-operational phase to implement necessary processes, systems, and regulatory approvals before full-scale operations can commence. As part of the country’s financial ecosystem, Hey Banco will be closely monitored and regulated by the CNBV, with the added security of customer funds guaranteed by the Federal Government through IPAB.

Hey Banco’s parent company, Banregio Grupo Financiero, has emphasized that the move to secure a banking license and separate from Banco Regional aims to enhance transparency and establish a robust legal framework, ensuring an unparalleled digital banking experience for its extensive customer base.

The news of the banking license has sparked enthusiasm among Hey Banco’s more than 654,000 users, who can rest assured that their investments and services will remain unaffected. With no operational changes expected, customers will continue to enjoy the same range of services, benefits, and financial security offered by the banking institution. The application will operate seamlessly, making for a smooth transition as Hey Banco sets its sights on revolutionizing the digital banking landscape in Mexico.

Hey Banco’s achievement of obtaining a banking license marks a transformative moment in Mexico’s financial sector. As the first digital bank to attain this milestone, Hey Banco is uniquely positioned to drive innovation and redefine the way banking services are delivered in the country. With its solid foundation and unwavering commitment to customer experience, the institution is set to play a leading role in shaping Mexico’s digital banking future.

The article was written by the News Team at Factor Capital Mexico | Latin America with Bloomberg Support. Factor Capital Mexico | Latin America is committed to providing reliable financial reporting and analysis to keep its audience informed on the latest market trends and business developments.

Email: contact.support@factor-capital.com.mx