Introduction to the CNBV and Its Role
The National Banking and Securities Commission (CNBV) is a Mexican regulatory body responsible for overseeing and supervising banking institutions in the country. It ensures that these entities adhere to regulations, maintain financial stability, and protect consumers’ interests.
12 Applications for Multiple Banking Institutions Since 2023
According to information obtained through a transparency request by El Economista, the CNBV has received 12 applications for the establishment of Multiple Banking Institutions since 2023.
Application Timeline
- 2023: Five applications were submitted for bank establishment.
- 2024: Six additional applications were registered.
- Q1 2025: One more application was submitted, bringing the total to twelve.
Current Status of Applications
Currently, eight applications are still under review by the CNBV. Recently, it was reported that Nu’s application to become a bank received approval in the latest CNBV Governing Board meeting. If confirmed and published in the Federal Register (DOF), the number of pending applications would decrease to seven.
Three applications have been withdrawn, leaving one authorized application as the first submitted. By October 2024, nine applications had been registered, marking a four-petition increase from the previous report in July 2023.
Institutions Publicly Initiating Licensing Processes
The following institutions have publicly announced their licensing process initiation:
- IFPE Mercado Pago (Institución de Fondos de Pago Electrónico)
- Sofipos Finsus and Klar (Sociedades Financieras Populares)
- Konfío (empresa tecnológica)
- Masari (casa de bolsa)
- Femsa (recently announced intention to apply; currently holds IFPE Spin by Oxxo)
Authorized and Operating Banks
The CNBV has authorized the following banks, which are either operating or have initiated operations:
- Hey Banco
- Bineo (recently started operational restructuring)
- Openbank (not yet operational)
Aval Granted to Revolut Bank and Banco Plata
In 2024, the CNBV granted approval to Revolut Bank and Banco Plata, although neither has started banking operations yet. Banco Plata continues credit granting activities.
If Nu’s authorization is published in the coming days, it would become the first 2025 approval.
Key Questions and Answers
- What is the CNBV? The National Banking and Securities Commission is a Mexican regulatory body overseeing banking institutions.
- How many applications has the CNBV received since 2023? The CNBV has received 12 applications for Multiple Banking Institutions since 2023.
- What is the current status of these applications? Eight applications are under review, one has been authorized, and three have been withdrawn.
- Which institutions have publicly announced their licensing process? IFPE Mercado Pago, Sofipos Finsus and Klar, Konfío, Masari, and Femsa have announced their intentions.
- Which banks have been authorized and are operating? Hey Banco and Bineo are operational, while Openbank has not started operations yet.
- What is the status of Revolut Bank and Banco Plata? Both have received approval but haven’t started operations; Banco Plata continues credit activities.
