Central bank clears technical review for Mercado pago bank license
1 report, 1 independent
Updated Sat 00:00
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What happened
Argentina’s central bank cleared the technical review of Mercado pago’s application to become a bank. Juan Curutchet, a member of the central bank’s board, stated the file passed all technical reviews. The application now requires a legal opinion and a vote by the central bank’s board, with no set date for the final decision.
From riotimesonline.com
Why it matters
Mercado pago is currently a payment service provider, which means its accounts cannot receive salary payments. The approval of the license would allow the fintech arm to expand its core business into full banking and financial intermediation.
From riotimesonline.com
Who's involved
- central bankRegulates Mercado pago's application for a banking license.
- Mercado pagoFintech arm of MercadoLibre seeking a license to become a bank.
- NasdaqStock exchange where MercadoLibre is listed.
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Mercado pago
mercado pago