Revolut approved to operate digital banking business in Mexico

On October 22, according to Crowdfundinsider, digital bank Revolut announced that it has received final authorization from the National Banking and Securities Commission (CNBV) of Mexico and approval from 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 independent digital bank to directly apply for and complete the full licensing and approval process from scratch in Mexico. The company is currently preparing to launch products to Mexican consumers who have already registered on the waiting list. As a fully regulated bank, Revolut can offer a range of financial services, including deposit insurance covered by IPAB (the deposit protection agency), with coverage up to approximately 3.4 million Mexican pesos.