The Central Bank of Mexico published remarks by Governor Victoria Rodríguez Ceja to the 88th Banking Convention, reviewing the central bank’s mandates on price stability and the sound development of the financial system and payments. In the context of a pre-decision blackout period ahead of the next monetary policy decision, she avoided discussion of current monetary policy and instead focused on structural priorities for banking, market functioning and digital payments. The speech highlighted recent actions to promote competition and innovation, including the central bank’s participation in authorizing bank licenses for six new entities and in authorizing the operation of 86 financial technology institutions. It also pointed to transparency tools for users, the payroll portability scheme with more than 9.6 million cumulative successful portability events as of the first quarter of 2025, and work to expand electronic payments, with strong growth in SPEI transfers (including CoDi and DiMo) and a more than doubling of credit and debit card activity over the past five years. Priorities flagged included expanding digital payment acceptance infrastructure, consolidating interoperability across acceptance solutions while ensuring representativeness and a level playing field, ongoing enhancement of SPEI services, and opportunities to improve price discovery, liquidity efficiency and risk management in the government debt market through trading government securities via a central counterparty. On next steps, the standardized credit application platform designed to generate personalized offers from multiple banks is in pilot testing with some institutions, and additional banks were encouraged to join. The governor also underscored forward-looking risk areas for firms and supervisors, including strengthening cybersecurity governance and incident cooperation, mitigating risks from personal data use and algorithmic decision-making, improving financial inclusion, and identifying and measuring exposures to climate-related risks.
Central Bank of Mexico 2025-05-08
Central Bank of Mexico sets out competition and payments agenda citing six new bank licenses and a pilot credit-offer platform
At the 88th Banking Convention, Mexico's Central Bank Governor, Victoria Rodríguez Ceja, emphasized banking priorities, market functioning, and digital payments. She highlighted initiatives like new bank licenses, financial technology institutions, transparency tools, and electronic payments expansion. Future priorities include improving digital payment infrastructure, enhancing SPEI services, and addressing cybersecurity, data risks, financial inclusion, and climate-related exposures.