Grupo Financiero Galicia SA unit Tarjetas Regionales SA has received approval from Argentina's central bank to create a new digital financial company called Naranja Digital Compañía Financiera SAU.
The new company will be based in Buenos Aires, Galicia said in a statement.
Galicia announced that it was seeking approval for the new subsidiary in 2018, saying that Naranja Digital would target the non-banked population and offer services including payments, savings and other financial operations.
