On January 4, the Bank of Mexico (Banxico in Spanish) published its annual report on the implementation of the Law for the Transparency and Regulation of Financial Services. The report includes the actions that the regulator will seek to promote in 2022 to improve access to these services, including the creation of a new application for the offer of personalized loans. It also outlines the regulator’s vision for the future of the electronic payments sector, highlighting a specific analysis of the card market. It also includes objectives that the entity will seek to promote. Banxico will develop these actions throughout this year.
The most outstanding point of the report has to do with the development of a digital platform that will connect users who ask for credit with those who offer it. The aim is to be able to improve the offer of these, through personalized options, according to the characteristics and information of each user. Also, according to Banxico, the application will allow this to be done at a minimum cost.
For the other hand, the report explains which markets they will work in, particularly highlighting the card market. There, Banxico assures that it will seek to favor its development by promoting competitive conditions, with neutrality in relation to the networks or clearing houses that are in operation, with the aim of promoting an ecosystem that offers favorable conditions for final users.