Leading banks in Mexico 2023, by total assets
As of December 2023, BBVA led the ranking of largest banks in Mexico, with total assets amounting to over 197 billion U.S. dollars. It was followed by Banorte, with total assets worth over 134 billion U.S. dollars. Banco Santander ranked third, whose total assets increased notably in 2023.
Digital banking in Mexico
Digital banking in Mexico experienced significant growth in recent years, offering convenience and accessibility to a large portion of the population. In 2022, Mexico was among the leading countries in the world in terms of the number of digital banking users. With more than 32 million users, Mexico ranked eighth, just behind France.
Fintech’s future and presence in Mexico
Fintech, or financial technology, aims to update and enhance financial services for corporations as well as consumers. The amount of fintech users in Mexico is forecast to increase consistently in the future. Furthermore, over 99 percent of these anticipated fintech users in 2025 are expected to utilize its digital payment segment. This coincides with the dominance of the payment and remittances segment of fintech in 2023, when 120 fintech companies' main focus was on payment and remittances, making it one of the leading segments for the nation’s fintech firms.
