Accendo Banco: Best Fintech Bank Mexico 2019
Accendo Banco started out 20 years ago as a subsidiary of two reputable international banks. In 2014, ownership and operation were assumed by a group of Mexican investors with a focus on the country’s business sector. Accendo Banco stands upon a bedrock of international best practices, including conscientious governance and a customer-centric model. Banking-as-a-Service (BaaS) is a key component to open banking, in which banks open up their systems and allow third parties to access their data to enhance their own services. This growing market is transforming banking, reshaping incumbents’ relationships with customers, and easing entry for fintechs. Accendo Banco has embraced this trend early on and has made significant investments in human capital and technology, including application programming interfaces (APIs) for third parties to develop new services. By actively partnering with fintech companies, Accendo Banco has shown that it can compete with the biggest banks in Mexico. White-label banking is a key strategy, where corporate clients partner with the bank to create their own financial products under their own name using Accendo Banco’s APIs. As such, Accendo Banco helps accelerate the growth of Mexican companies that often offer their financial products and services to Mexico’s under-banked population. Accendo Banco also has a proven track-record in offering solutions to other specific business sectors, such as the mining sector and the agriculture sector where it offers foreign exchange, fiduciary, and credit services, thereby fuelling the growth of individual organisations as well as the national economy. For its sterling role as a true business partner that is at the forefront of banking-as-a-service in Mexico, the CFI.co judging panel presents Accendo Banco with the 2019 Best Fintech Bank Mexico award.
