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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.