Argentina Ualá will offer accounts in Mexico with high returns for its clients

The company of financial services Argentina Ualá said on Wednesday that it had launched an account in Mexico that offers high returns to its clients, after obtaining approval from regulators to acquire local bank ABC Capital and expand operations in the country.

When launching the account at an event in Mexico, Ualá explained that the account will have a fixed annual interest rate and will pay a yield of 9% annual.

Ualá highlighted that a survey by the Mexican government showed that the 54% of people in the country save informally, while four out of 10 do not receive any return on their savings.

“We are excited to offer options that reduce these gaps by promoting savings in a very simple, safe way, for everyone and with higher returns than those that have historically been seen in the Mexican market”said Andrés Rodríguez, vice president of Wealth Management at Ualá.

Ualá received authorization from Mexico’s financial regulator CNBV in late May to acquire bank ABC Capital, allowing the Argentine firm to go ahead with its banking license in Mexico.

Additionally, the company announced that remittances sent through Western Union, Vigo and Orlandi Valuta can be collected through its application.

Source: Reuters