The British-origin firm has to go through an operational audit, which can take up to 12 months.
This Monday, April 22, the official document granting the British firm Revolut the endorsement to establish itself as a bank in Mexico was published in the Official Gazette of the Federation (DOF), after a process of more than two years. .
According to what was published in the DOF, the firm with a presence in more than 40 countries and that serves more than 40 million clients around the world, has received authorization to establish itself as a subsidiary multiple banking institution, the registered office The new bank will be in Mexico City and the amount of its share capital amounts to US$ 83.7 million.
Now, the firm headed in Mexico by Juan Miguel Guerra Dávila will have to pass an operational audit so that the bank can begin operations with its star product: international transfers and subsequently, deploy its entire range of services that the bank has planned for the country. .
In an interview prior to the officialization of his license, Guerra Dávila told this medium that the audit process to begin operations could take six to 12 months; However, the new bank's team will work hand in hand with the regulator to comply with everything required.
"Revolut receives the license to establish itself as a bank and then has to go through an operational audit and after that operational audit operations can begin," Guerra Dávila explained.
For the director of the newly authorized bank, although electoral times may make it difficult for the institution to start operations soon in Mexico, the Revolut team in the country is working to have everything in order and comply with what is required.
"One proposes and the regulator decides, I understand that election years can also interfere a little with the functioning of the regulator, with changes in equipment, etc., so we will see how it goes, but we are working diligently to have everything as per our expectations to to be able to make this process as fluid as possible," Guerra Dávila explained.
For months now, Revolut in Mexico opened a waiting list so that once it has the endorsement of the start of operations, it can begin its operation and offer its services to those who have registered on said list.
The director of Revolut in Mexico noted that it would be desirable to have the guarantee to start operations for next winter; However, he stressed that everything will depend on the regulators in the country.
"I would love to be able to launch in the winter, but, I insist, one proposes and the authority decides. Once we have launched we will be incorporating and enabling the entire range of Revolut products," he highlighted.
Will you enter the rate war?
With the banking license and the guarantee to start operations, Revolut will be able to attract deposits from the general public; However, Guerra Dávila indicated that it is too early to affirm that the bank will enter the famous "rate war" in deposit products and stressed that what the firm seeks is to distinguish itself from generic financial services.
"In the winter, the world will be different... When you are competing on prices, you are offering the same product, but our offer is not generic, it is much more personalized and completely comprehensive. We have all the flexibility to do what the client wants, at the time they want," he noted.
With this authorization, Revolut enters the universe of banking players, made up of 50 entities in operation and three more that are waiting to start operations.
"We have the goal of being the only bank that people need and it turns out that we are 100% digital. We seek to cover all financial needs with a single app in this context," said the new banker.
