trending Market Intelligence /marketintelligence/en/news-insights/trending/oEs3_u-zxlm1teC5Ut8Skw2 content esgSubNav
In This List

Mexican banks plan 80B pesos investment in technology, other areas


Banking Essentials Newsletter: 17th April Edition


Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Mexican banks plan 80B pesos investment in technology, other areas

Mexican banks plan to invest more than 80 billion pesos over the next two years in areas such as technology, branch modernization and product development, El Financiero reported, citing Marcos Martínez, the president of local banking association ABM.

The investments will allow more Mexicans to be integrated into the country's financial system, where only 60% of adults have a bank account.

The credit-to-GDP ratio in Mexico could rise to 50% in 2024 from 37% currently if the economy grows more than it did in the last six years, Martínez said, adding that more than 30 million new clients could join the local banking sector by 2024 if the economy expands at a faster pace.

The ABM is also working on a QR code-based platform through which it hopes to disburse funding without involving any intermediary. The platform will not require the use of cash and will not entail any costs for users, Martínez said.

As of Jan. 9, US$1 was equivalent to 19.24 Mexican pesos.