Ualá launches a high-yield savings account.

Ualá, a fintech company based in Buenos Aires, has introduced a high-yield savings account in Mexico shortly after obtaining a banking license in the country. The savings account offers an annual yield of 9%, and the banking license enhances the safety guarantee, making it ten times greater than what fintechs with a “sofipo” license can provide.

In May, Ualá obtained approval from Mexico’s banking regulator CNBV to acquire ABC Capital Bank, which resulted in the issuance of a banking license to the Argentine company in Mexico. According to CEO Pierpaolo Barbieri, this achievement represents a significant “milestone” that distinguishes the company from other fintech companies in Mexico and enables the introduction of new financial products for its customer base. (Bloomberg)

This development comes as Mexico’s fintech sector becomes increasingly competitive, driven by high inflation rates and a large portion of the population lacking access to traditional banking services. Ualá aims to challenge local banks and digitize financial services by offering attractive products.

Other players in the market, such as Brazilian digital bank Nu Holdings Ltd and MercadoPago, have also introduced similar offerings.

In addition, Ualá announced its acceptance of remittances through Western Union and relaunched its loyalty program in Mexico, marking significant developments for the company in the country.

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