Overview
- Bunq, which filed Wednesday, asked Mexico’s CNBV and Banxico to authorize it as an “Institución de Banca Múltiple” to operate as a full bank.
- The bank says it will serve “global citizens” in Mexico with multi‑currency accounts, cross‑border transfers, and a fully digital app powered by generative AI.
- If regulators approve the license, customer deposits in Mexico would be insured by IPAB, the country’s deposit protection scheme.
- Recent cases suggest reviews take about 18 months, so bunq may face a lengthy process before it can launch full banking services.
- The bid follows a broader wave of foreign neobanks in Mexico, with Revolut starting full banking in January, Plata gaining a license this year, and Nu still awaiting final authorization.