Argentine mobile banking firm Uala is stepping up its presence in Mexico, launching a high-yield savings account weeks after securing a banking licence in the country.
The new savings account offers an annual yield of nine per cent in a country where a government survey shows that more than half of people save informally.
Last month, Uala received the go-ahead to buy local bank ABC Capital, enabling it to secure a banking licence.
The company has also struck deals to let remittances sent through Western Union, Vigo and Orlandi Valuta be received through its app.
Brazilian giant Nubank has also been pouring resources into Mexico and recently began offering a similar savings account.