Introduction
The relationship between Mexico and the United States is undeniably one of the most significant in the hemisphere, encompassing trade, investment, migration, security, and increasingly a bilateral financial ecosystem that presents a massive opportunity for shared economic growth. In this context, the Union of Mexican Financial Institutions (UNIFIMEX) has decided to strengthen ties with key players in the U.S. economy and diplomacy, aiming to position our institutions as a bridge of synergy and collaboration.
Meeting with The American Society of Mexico
Last week, we had the pleasure of meeting with Larry Rubin, President of The American Society of Mexico, an organization that brings together U.S.-origin companies, leaders, and chambers with a presence in Mexico. We agreed that sustainable economic development cannot occur without a strategic alliance between the financial sectors of both nations. Collaboration, joint training, implementation of best practices, and certification of our institutions are clear paths towards this goal.
UNIFIMEX: A Diverse Group of Mexican Financial Institutions
UNIFIMEX represents a diverse group of Mexican financial institutions, including mid-sized and regional entities seeking professionalization, innovation, and adherence to the highest standards. In 2024, Mexico received over $63 billion in remittances, with UNIFIMEX members transacting nearly 75% of that amount. This figure underscores the economic importance of the relationship between migrant populations and the financial system, as well as the need for a framework of efficiency, transparency, and cooperation to maximize its social impact.
Regions with high migration, such as the northern border area and states like Michoacán, Guanajuato, Oaxaca, or Jalisco, have immense potential if we successfully articulate a binational financial policy that transforms remittance sending into value chains, housing, entrepreneurship, or education.
Remittances: More Than Monetary Flows
Remittances are not merely monetary flows; they represent productive investment opportunities, savings, financial inclusion, and social mobility. Therefore, it is crucial to coordinate efforts with the U.S. Department of Treasury, Justice, Homeland Security, and their respective attachments at the U.S. Embassy in Mexico. UNIFIMEX is establishing direct communication channels with these actors, confident that strengthening Mexican financial institutions also contributes to the economic and social stability of the region.
Promoting a Binational Financial Agenda
It is imperative to advance a binational financial agenda of understanding and information sharing, creating “safe harbors” with access to technology enabling small and medium-sized Mexican institutions to continue operating securely while adhering to the highest international standards.
In today’s complex and dynamic global environment, our institutions remain committed to complying with internationally accepted regulations in anti-money laundering, counter-terrorism financing, regulatory compliance, corporate governance, and risk management.
UNIFIMEX’s Role in Strengthening Financial Institutions
UNIFIMEX will continue to serve as the natural meeting point, synergy, and cooperation space between Mexican financial institutions and their U.S. counterparts. We appreciate the support of U.S. actors, with whom we will continue working to build bridges, open markets, and professionalize our sector.
Mexico requires a modern vision of its financial system, one that acknowledges the impossibility of economic development without robust, inclusive national institutions connected to the world, especially with the United States.
Key Questions and Answers
- What is the main focus of the article? The article discusses the importance of strengthening financial ties between Mexico and the United States, emphasizing collaboration, professionalization, and adherence to international standards.
- Who is Larry Rubin, and why is he relevant? Larry Rubin is the President of The American Society of Mexico, an organization that unites U.S.-origin companies and leaders in Mexico. His relevance stems from his role in fostering economic development through binational collaboration.
- What is the significance of remittances in the Mexican economy? Remittances are crucial to the Mexican economy, representing a substantial portion of foreign currency inflows and playing a significant role in financial inclusion, investment, and social mobility.
- Why is a binational financial agenda essential? A binational financial agenda promotes understanding, information sharing, and safe harbor technologies, enabling small and medium-sized Mexican financial institutions to operate securely while adhering to international standards.
- What role does UNIFIMEX play in this context? UNIFIMEX serves as a platform for collaboration, synergy, and cooperation between Mexican financial institutions and their U.S. counterparts, advocating for professionalization, adherence to international standards, and economic stability.
