Grupo Financiero Banorte recently released its new digital bank, Bineo. This launch marks Banorte’s first venture into Mexico’s digital banking sector.
The Bineo app is available for iOS and Android, allowing users to perform various banking operations. The platform currently offers no-minimum, commission-free savings accounts and personal loans ranging from approximately $250 to $10,000, with an average weighted Annual Total Cost (CAT) of 46.5%.
As a digital extension of Banorte, a well-established financial institution in Mexico, Bineo leverages its parent company’s reputation for reliability. This strategic move into digital banking reflects a wider industry trend towards more accessible and low-cost banking solutions, potentially challenging traditional banking norms in Mexico.
Read more at Bloomberglinea