A key move before becoming a bank
The modification comes after Mercado Pago applied for a license to operate as a bank in Argentina, as it already has in Brazil and Mexico.
Mercado Pago now manages its own investment fund and takes a key step toward becoming a bank
The modification comes after Mercado Pago applied for a license to operate as a bank in Argentina, as it already has in Brazil and Mexico.
According to the fintech, the change aims to gain autonomy in the management of investment products, focusing on simple and secure tools.
No additional procedures are required. Invested balances continue to generate daily interest and are available at all times.
The decision doesn't alter the user experience, although it does reinforce the control that Mercado Pago has over its financial ecosystem.
Since its creation in 2018, the fund managed together with BIND has become the preferred investment method for millions of Argentinians.
According to data from the Central Bank, there are more than 57.3 million virtual accounts in the country and mutual funds manage $4.6 trillion.
Mercado Pago takes another step forward in its financial strategy and modifies the management of its mutual fund.
Since June, the returns caused by the virtual wallet are no longer managed by BIND, but by its own management company.
The digital wallet informed its users that, since June 1, Mercado Pago Asset Management became the new manager of the mutual fund.
This change replaces Industrial Asset Management, the management company of Banco Industrial (BIND), with which Mercado Pago worked for years.
"You don't have to do anything. You keep generating daily returns with your money available at all times," the company stated.
Currently, the wallet offers an annual rate of 26.3% for balances invested in pesos.