Mexico expects to bring in better regulations for open banking

While the country has enacted laws to regulate fintechs, all eyes are not on the standard it is going to adopt for open banking:

- Mohan

Mexico perhaps is adopting open banking basically to counter social issues like financial inclusion and customer confidence in banking and financial services. Bank customers in the country in general do not repose a high level of trust in the banking institutions while entrusting their money. Secondly, being a vast country, banking has not reached all the parts of Mexico and a considerably vast section of the population remains uncovered by banking and financial services. Also, surveys have shown that whatever services the banks have been providing do not live up to the expectations of the general public. However, with the advent of mobiles and with banks starting mobile banking in a limited manner, there is now hope for those unbanked sections of the population - estimated as high as 50% of the total population of the country.

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