Mexico Regulators ‘Looking Into’ eCommerce ‘Monopolies’ link
Amazon’s Plans To ‘Cash In’ On Mexican eComm Market link
In Mexico, shoppers can deposit between 100 pesos ($5.20) and 5,000 pesos per transaction at several convenience store chains throughout Mexico, including 7-Eleven, placing up to 10,000 pesos a day into Amazon accounts online.
The service is not offered at Oxxo convenience stores, which compete with 7-Eleven in Mexico and accept cash for MercadoLibre shoppers. Ramirez said Amazon aims to expand its network, but declined to comment on whether Oxxo would be included.
The bank has developed an automated lending robot, Fiinuscore, which, combined with PSD2 and Open Banking will be able to provide “small overdrafts to millions of people within the payday loan price cap”.
The technology, such as artificial intelligence (AI), machine learning, robotics and blockchain, will enable Fiinu to operate a high-volume, low-margins lending model and “be more efficient and cost-effective than any other traditional bank in the world today”.
Fiinu describes its monetisation strategy as the “Walmart of Banking”. It will lend its fixed long-term depositors’ savings on a very short-term basis to consumers. In terms of its target market, it believes it will be “particularly appealing” to millennials and young adults, and consumers with lower credit scores. Fiinu will also target the wealthier segment with its savings accounts and cryptocurrency offerings.
The bank will be launching a Seedrs funding round in February this year and is aiming for the early 2019 launch. It says it is already more than halfway through the Bank of England authorisation process.
In terms of technology, it will be a combination of in-house development and purchased software.
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