Mexico: leading banks 2019, by total assets

As of September 2019, Grupo financiero BBVA Bancomer SA de CV led the ranking of largest banks in Mexico, with total assets amounting to more than 105 billion U.S. dollars. It was followed by Banco Santander Mexico, with total assets worth nearly 73 billion dollars. Between 2012 and 2019, Banco Santander’s total assets have increased over 85 percent [739916].

Mexico’s credit holders

A survey conducted in Mexico found that 40 percent of respondents residing in the country’s northwest region were credit holders, whereas this was the case for 29 percent of those living in Mexico City. The survey also showed how, although over 15 million people owned a department or self-service store credit card, only around eight million possessed a credit card from a bank. That year, there were over 27 million credit cards in Mexico, which was less than half of the amount in Argentina, and about 85 percent fewer credit cards than in Brazil.

Fintech’s future and presence in Mexico

Fintech, or financial technology, aims to update and enhance financial services for corporations as well as consumers. By 2023, the amount of fintech users in Mexico is forecasted to reach nearly 97 million, which would be an over 31 percent increase compared to the nation’s number of users in 2017. Furthermore, over 99 percent of these anticipated fintech users in 2023 are expected to utilize its digital payment segment. This coincides with the dominance of the payment and remittances segment of fintech in early 2020. During this time, about two out of ten Mexican fintech startups’ main focus was on payment and remittances, making it the leading segment for the nation’s fintech firms.