Regulators are seeking to increase financial inclusion. Banks' lack of transparency and past scandals have led to low consumer trust and low financial inclusion. But Mexico's finance minister, Arturo Herrera, is spearheading efforts to The government has been looking to fintechs and banks to reduce cash in circulation, to ultimately cut down on money laundering and bring more people into the formal economy.
The market is digitally engaged — which could make consumers receptive to neobanks. Mexico has a consumer fintech adoption rate of
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