Santander's Digital Bank Openbank Launches in Mexico
Hey FinTech Fanatic!
Openbank, Santander's digital banking just entered Mexico with an eye-catching 12.5% annual return on savings accounts. The fully digital bank is expanding its European playbook to tap into Mexico's digital banking potential.
The launch brings some impressive numbers to the table:
- Access to 10,000+ Santander ATMs across Mexico
- Zero minimum balance requirements
- 24/7 customer support
- Deposit insurance protection by the Institute for the Protection of Bank Savings
- Top-tier local ratings from Moody's and Fitch
Openbank is rolling out access gradually, promising a lightning-fast onboarding process through their newly launched app.
What makes this particularly interesting is Openbank's track record in Europe, where they've already doubled their customer base in five years and claimed the title of largest digital bank by deposit volume. This Mexican expansion follows their recent U.S. launch, showing aggressive growth in North America.
"We're bringing the best of both worlds - advanced digital banking with FinTech innovation, backed by Santander's security and solvency," says Matías Núñez, Openbank Mexico's CEO.
Looking ahead, the bank plans to expand its product lineup in the coming months, focusing on enhanced security features and customizable card controls based on location and transaction types.
What do you think about their chances of success with that attractive 12.5% savings rate? Let me know your thoughts in the comments and I'll be back with more news in your inbox tomorrow!
Cheers,
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