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Grupo Financiero Base seeking fintech partners

Grupo Financiero Base SA de CV is launching a financial technology investment plan that will see the Mexican banking group invest around $10 million in updating its computer systems and creating new alliances with fintech startups, El Financiero reported.

The plan, which the company will carry out in 2019 and 2020, aims to transform the financial group into a "highly technological financial institution," President Lorenzo Barrera Segovia told the publication.

"Our organizational structure is very flexible so it allows us to move quickly where we want. In that sense, we see two challenges: the investments that we will have to make and the search for strategic alliances arising from having a banking license," Barrera Segovia reportedly said.

The executive also revealed the group's banking unit, Banco Base SA Institución de Banca Múltiple Grupo Financiero Base, will offer 500 million Mexican pesos of new debt in early 2019 as a part of long-term debt program worth up to a 2.00 billion pesos.

As of Dec. 18, US$1 was equivalent to 20.13 Mexican pesos.