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Data from Mexico's financial products watchdog Condusef shows that the accounts would be the highest-yielding ones offered in the local financial sector. Other Latin American fintechs like Brazil's Nubank (NUN.MX) and Argentina's UALA have also launched savings accounts this year in Mexico, where data from the national statistics agency showed less than half of the population has savings accounts. The Mexican arms of Nubank and UALA both offer 9% yields on their savings accounts, already much higher than most banks. Stori expects to reach 3 million savings account holders by the end of next year, said its General Manager of New Products Sergio Duenas. ($1 = 18.0044 Mexican pesos)Reporting by Valentine Hilaire; Editing by David Alire Garcia, Christian Plumb and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Marlene Garayzar, Sergio Duenas, Valentine Hilaire, David Alire Garcia, Christian Plumb, Marguerita Choy Organizations: MEXICO CITY, Wednesday, Reuters, The Bank of, New, Thomson Locations: MEXICO, Mexico, The Bank of Mexico, Nubank

MEXICO CITY, Sept 7 (Reuters) - Mexican fintech Stori on Thursday announced the acquisition of MasCaja, a financial firm that will provide it a license to broaden its product portfolio in a market where many lack access to financial services. "We want to take the next step to boost financial inclusion," Stori co-founder Marlene Garayzar told Reuters. Stori, which reached unicorn status last year, already offers credit cards with lines starting at 500 Mexican pesos ($28), in a country where government data shows less than 35% of the adult population has formal credit. Earlier this year, Stori said it had reached 2 million users. ($1 = 17.5722 Mexican pesos)Reporting by Valentine Hilaire; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Stori, Marlene Garayzar, Nubank, Valentine Hilaire, Leslie Adler Organizations: MEXICO CITY, Reuters, ABC Capital Bank, Thomson Locations: MEXICO, Mexico, Argentine

☆ Argentina is already dollarizing - these businesses have switched to greenbacks as the peso is worth a fraction of a penny
▼ + stars: | 2023-08-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

And more businesses are accepting dollars as payment as the peso crashes. AdvertisementAdvertisementE-commerce giant MercadoLibre, consulting firm Accenture, software developer Globant, and fintech firm Ualá offer partial pay in greenbacks, according to reports. In addition to staff salaries, the private sector is increasingly accepting dollars as a form of payment as well. For example, US website firm GoDaddy stopped accepting Argentinian peso payments in June, changing to dollars. He also suggested Argentina would be better off pegging its currency to the Brazilian real instead of the greenback.

Persons: Javier Milei, fintech's, GoDaddy, ZonaProp, Robin Brooks Organizations: Service, Bloomberg, Accenture Locations: Wall, Silicon, greenbacks, Buenos Aires, Argentina

☆ Argentine fintech Uala to offer high-yield accounts in Mexico
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, June 7 (Reuters) - Argentine fintech unicorn Uala said on Wednesday it launched a high-yield savings account in Mexico after getting approval from regulators to acquire Mexico's ABC Capital Bank and expand operations in the country. Launching the account at an event in Mexico, Uala said the high-yield account will have a fixed annual interest rate and would pay an annual percentage yield of 9%. Uala said a Mexican government survey showed that 54% of people in Mexico save informally, and four out of 10 people do not receive any yield on their savings. Uala received authorization in late May from Mexico's bank regulator CNBV to buy bank ABC Capital, which allowed the Argentine firm to move forward with its banking license in Mexico. The fintech also announced that remittances sent through Western Union (WU.N), Vigo and Orlandi Valuta can now be received through its app.

Persons: Uala, Andres Rodriguez Ledermann, fintech, Carolina Pulice, Anthony Esposito, Cynthia Osterman Organizations: MEXICO CITY, ABC Capital Bank, ABC, Western Union, Thomson Locations: MEXICO, Argentine, Mexico, Mexican, Uala, Mexico's, Vigo, Orlandi

☆ A South American currency union? Don't hold your breath
▼ + stars: | 2023-01-23 | by ( Rodrigo Campos | ) www.reuters.com time to read: +4 min

That came after the leaders had touted a "common South American currency" on Sunday and officials told the Financial Times the tender could even be called the "sur" and eventually look to bring in other countries around South America. "It has failed to achieve simpler integration goals than that of a common currency." He called the idea of a currency union a "fantasy." Currency union talk was just a distraction, she said. Todd Martinez, a director at Fitch Ratings' sovereigns group focused on Latin America, said the two countries appeared to be unlikely partners to form a successful currency union, given their diverging economies.

☆ FEMSA's fintech arm eyes 10 million users in Mexico by 2023
▼ + stars: | 2022-10-20 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

REUTERS/Daniel Becerril/MEXICO CITY, Oct 20 (Reuters) - Spin by Oxxo, the financial technology initiative launched by Mexican bottler and retailer Femsa, is set to reach 10 million users by 2023, up from four million currently, Spin's Director General Asensio Carrion told Reuters. Spin by Oxxo, which has been financed with internal funds, has quickly become a major player in Mexican fintech. For comparison, Latin America's largest fintech Nubank has about 2.1 million customers in the country, while local player Stori aims to hit the two million client mark by 2023. Mexico's Grupo Financiero Banorte, in its second-quarter results, said it had 6.7 million digital clients. The company has more than 20,600 Oxxo stores across Latin America, and has plans to increase the number by 50% over the next decade.

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