The Oxxo chain has managed to position itself as the main correspondent bank in Mexico for over a decade. In addition to offering daily purchase products, Oxxo has become a center for making payments for services such as electricity, telephone, or gas. Recently, the Femsa group, led by José Antonio Fernández Carbajal, announced its plans to obtain a banking license, following years of success in collaboration with the Fintech Spinle.
"At some point in the coming months, we will apply for a banking license," Femsa representatives stated to analysts. Although they have not yet decided to offer credit, they will explore partnering with a partner for this part of the business. With a user base in Spinle that has grown by 32.8 percent and a 60 percent increase in transactions, Femsa is preparing to enter the Mexican banking sector.
The path to operate a bank presents challenges, despite the experience of Oxxo employees in transfers and other financial services. The history of Walmart's unsuccessful attempt to open a bank highlights the complexity of this endeavor. However, with a strong digital focus and Oxxo's network as support, Femsa is preparing to launch its own bank in a market where hybrid financial services are becoming increasingly relevant.
In other news, the discussion in the Supreme Court of Justice of the Nation regarding double taxation in Mexico has been postponed, creating uncertainty in the business sector. Pending a definitive resolution, the tax landscape in the country could affect short-term investment decision-making. Companies disputing millions with the SAT could even consider resorting to international courts in case of an unfavorable ruling in Mexico.
On the other hand, small and medium-sized enterprises (SMEs) represent a key engine for the Mexican economy. The Business Coordinating Council has promoted partnerships between SMEs and large companies to strengthen supply chains and access new markets. In a context of global uncertainty, adaptation to the environment and professionalization are essential for the sustainable growth of companies.
Finally, financial education for SMEs becomes crucial in an environment where lack of financial preparation is a determining factor in business failure. Companies like SmartPlus focus their efforts on providing advice and improving the financial education of entrepreneurs and small businesses to increase their chances of long-term success.
