Revolut has been approved to operate digital banking services in Mexico

ChainCatcher news, according to Crowdfund Insider, digital bank Revolut has announced that it has obtained final authorization from the National Banking and Securities Commission of Mexico (CNBV) and received approval from the Central Bank of Mexico to operate as a multi-bank institution in Mexico. This is the final regulatory step required for the company to offer banking services to the public.

Revolut becomes the first independent digital bank to apply from scratch and complete the full licensing and approval process in Mexico. The company is currently preparing to launch products to Mexican consumers who are already on the waiting list.

As a fully regulated bank, Revolut can offer a range of financial services, including deposit insurance backed by IPAB (the deposit protection agency), with coverage of up to approximately 3.4 million Mexican pesos.