💨 Abstract

MercadoLibre's fintech arm, Mercado Pago, has applied for a banking license in Mexico, aiming to become the country's largest digital bank. The application was sent to the National Banking and Securities Commission (CNBV) earlier this month. If approved, Mercado Pago will offer services such as savings and checking accounts, loans, and mortgages. Currently, Mercado Pago is the second-largest digital wallet in Mexico.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖