In a move that shakes the financial system, Mercado Libre officially announced that it will apply for a banking license from the Central Bank of the Argentine Republic (BCRA) to turn its fintech arm, Mercado Pago, into the country's largest digital bank. The measure, confirmed by company sources, marks a turning point in the battle for the future of money in Argentina and consolidates a regional strategy that is already advancing in countries such as Brazil and Mexico.
The application will be submitted in the coming days and, although the process usually takes up to two years, the financial sector doesn't rule out that the timeline could be shortened, given the close relationship between Mercado Libre's founder, Marcos Galperin, and President Javier Milei. Both share a vision for the country based on deregulation, genuine competition, and individual freedom as engines of progress.
"We are building the largest digital bank in Latin America. In a region that still faces challenges in accessing quality services, we want to change the way users interact with the financial system with a digital bank where everyone wins," said Juan Martín de la Serna, President of Mercado Libre Argentina.
The company had already registered the trademark "Mercado Banco" with the National Institute of Industrial Property (INPI), although it will continue to use the name Mercado Pago commercially. Company representatives state that the banking license will allow them "to continue improving services, create more investment tools, and develop new lines of credit within its 100% digital model."
