Revolut Granted Approval to Operate Digital Bank in Mexico

BlockBeats News, October 22nd, Digital bank Revolut announced that it has obtained the final authorization from the National Banking and Securities Commission (CNBV) of Mexico and has been approved by the Central Bank of Mexico to operate as a multiple banking institution in Mexico. This is the final regulatory step required before the company can open its banking services to the public.

Revolut has become the first digital bank to apply directly and complete the full licensing and approval process in Mexico from scratch. The company is now preparing to launch products to Mexican consumers who are already on the waitlist. As a fully regulated bank, Revolut can offer a range of financial services, including deposit insurance underwritten by IPAB (Deposit Insurance Agency) for up to approximately 3.4 million Mexican pesos.