Argentina’s Uala Eyes Booming Mexico Remittances
Uala application on a smartphone
Photographer: Erica Canepa/BloombergThis article is for subscribers only.
Argentine fintech Uala will allow clients in Mexico to receive money from abroad starting Friday as it taps the fast-growing remittances market, which is expected to reach $60 billion in this year.
The new service will be operated by Mexican bank ABC Capital, whose acquisition by Uala was announced in November, with the aim of expanding its financial services in Latin America’s second largest economy. The ABC Capital purchase is still pending regulatory approval.