The company also announced the appointment of Javier Chavez-Ruiz as Business Sales Associate for the region. Incubated by Comviva Technologies, a global provider of mobile financial services, Yabx is a part of the USD 21 billion Mahindra Group.
The company aims to simplify financial access to new-to-credit customers and MSMEs in Latin America region by providing financial access to the underserved. It leverages technology and analytics to reduce the cost of delivering financial services.
The company plans strategic partnerships with large banks, microfinance institutions, ecommerce players, payment gateways, credit bureaus, mobile financial services providers, mobile network operators, and handset manufacturers in the region. By moving into Mexico, Yabx will be able to capitalise on the booming digital payments and ecommerce market.
Mexico’s digitisation efforts have been bolstered by the adoption of digital payments amid the coronavirus pandemic. According to Yabx, it is estimated that 18 million people will use the new scheme of Digital Collection (Codi) by the Bank of Mexico, because the pandemic will change consumption habits among consumers.
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