Banregio Enters Digital Banking Arena with Hey Banco Approval

• Hey Banco joins Banregio, entering digital banking competition.
• Approved by Mexico’s Finance Ministry; aims for fintech market share.
• Hey Banco boasts 600k customers; offers savings, credit cards, personal loans.
• Plans for independent operation from Banregio by 2025.

The Mexican Finance Ministry has approved the integration of “Hey Banco, SA” into Banregio, signaling the financial institution’s entry into the competitive fintech sector. This move, officially sanctioned through a decree, allows Hey Banco, a multifaceted banking institution under Banregio Grupo Financiero, to join the ranks of Banregio’s financial entities.

This strategic expansion follows the approval by Banregio shareholders, who submitted the necessary documentation for regulatory approval, ultimately secured from the Ministry’s Banking, Securities, and Savings Unit. National reports highlight that the National Banking and Securities Commission (CNBV) had previously authorized Hey’s operation as Banregio’s fintech arm amidst a wave of traditional banks launching digital financial ventures.

Hey Banco, boasting a client base of approximately 600,000, offers savings accounts, credit cards, and personal loans, showcasing the growing trend of traditional banks venturing into fintech to provide standalone digital services, similar to Santander’s Openbank.

Plans are underway for Hey Banco to become independent from Banregio by 2025, aiming for autonomous operations, a move reflecting the evolving landscape of digital banking and fintech innovation.