Banco Plata, a success story in obtaining a bank licence
- Tenet Consultores
- 30 diciembre, 2024
- Consulting firm , Financial ecosystem
The fintech now has the CNBV approval to become a bank
Tenet Consultores fully advised Plata for its authorization as a Multiple Banking Institution to operate in Mexico, and we are grateful for its trust to accompany it during this process in financial, IT, operational, and regulatory matters.
“We congratulate Plata on obtaining its authorization as a Multiple Banking Institution. They will definitely be a very relevant competitor for the development of the Mexican financial system.
Tenet Consultores
The fintech’s novel model combines innovation and technology, focusing on financial inclusion, simplicity, convenience, trust, and security.
Its credit card is backed by MasterCard and it’s accepted by thousands of merchants in Mexico and worldwide.
The experience
Founded in 2022, Plata has an extensive track record in digital banking, the result of a group of experts determined to make a difference in Mexico’s financial ecosystem.
Neri Tollardo, Plata’s co-founder and CEO, brings his experience in international banking from Morgan Stanley in the UK and Tinkoff Bank in Russia. Determined to replicate his success in other parts of the world, Tollardo focused on the Mexican market.
The challenge
In September 2022, Plata Card approached Tenet Consultores to request advice in its process to obtain a license as a Multiple Banking Institution before the Mexican Comisión Nacional Bancaria y de Valores.
The objective was to broaden the institution’s scope so that, in addition to being able to grant credit, it could become a single provider of all the financial services required by its customers.
The Client needs
- To develop a strategy to turn the fintech into an established bank in Mexico.
- To obtain CNBV approval to operate as a Multiple Banking Institution in Mexico.
- To be licensed to operate savings and investment instruments.
- To reach a sector of customers interested in making their money grow
- To contribute to financial inclusion in Mexico
Tenet Consultores’ strategy
- Create a work plan
- Set a defined route to get the banking license approved
- Define the financial, legal, operational, and technological requirements.
- Ensure compliance with CNBV requirements.
- Implementing the plan and meeting the deadlines of the procedures
- Obtain the license approval for Plata
Working together
The extensive experience of Neri Tollardo, co-founder and CEO of Plata, in the international financial sector made it possible to move forward smoothly in the joint work with Tenet Consultores in obtaining authorization as a Multiple Banking Institution. Together with the teams of both companies, the consultancy carried out all the necessary processes to obtain the banking license.
Services
- Specialized financial advisory services
- Technology risk and information security
- Legal and regulatory advice
- Money laundering prevention
The results
On December 10, 2024, the Board of Governors of the CNBV granted the technology firm focused on the credit card segment Plata Card the authorization to become a Multiple Banking Institution, which represents the beginning of new opportunities for the company in the Mexican financial ecosystem.
Now, Banco Plata, in addition to offering credit, will have the opportunity to promote savings and offer access to investment instruments. This gives it access to a larger sector of the Mexican market that is looking for better ways to grow its money, which in turn fosters greater financial inclusion.
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