Mexico Fintech Battle Heats Up as Ualá Rolls Out New Account (1)

Mexico’s fintech scene is heating up, with Buenos Aires-based Ualá rolling out a high-yield savings account just two weeks after getting approval for a banking license in Latin America’s second-biggest economy.

The company is expanding its product line with a high yield savings account that offers an annual yield of 9%, said Andres Rodriguez Ledermann, vice president of wealth management. The banking license means that the fintech’s safety guarantee will be 10 times as great as fintechs with a so-called “sofipo” license can offer, he added.

Mexico has emerged as a key competitive market for financial services startups as inflation, ...