Central bank director Juan Curutchet expects approvals for MercadoLibre and Revolut before year-end.
The Central Bank of Argentina (BCRA) expects MercadoLibre and Revolut to obtain banking licenses to operate in the country before the end of the year. The move aims to increase competition in the domestic financial system and introduce new participants to the lending business.
Juan Curutchet, director of the Central Bank and Superintendent of Financial and Non-Financial Entities, announced the timeline during a panel with Francisco Gismondi, executive director of the Association of Argentine Banks (Adeba), organized by Nuestro Dinero.
Curutchet linked the approval process to recent regulatory adjustments designed to boost lending and competition for deposits. He noted that other applicants, capital market fundraisers, and brokerage firms (Alycs) are also seeking to enter the banking sector with long-term capital commitments.
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