Binance, the leading crypto exchange, reportedly launches Meda, an authorized Electronic Payment Funds Institution (IFPE) in Mexico. This strategic launch is backed by an investment of more than one billion pesos ($53 million) over the four years. The core purpose of ‘Meda’ is to enlarge access to digital financial services in Mexico.
Controlled by an independent vertical devoted to promoting fintech services for Binance, Meda will center its attention on advancing fintech services across Latin America, setting landmarks for innovation, compliance, and user trust.
Binance’s collaboration with Mexico demonstrates the importance of Mexico in the global landscape and its potential to become a prominent regional leader in technological innovation. So, for this purpose, Binance planned to invest more than one billion pesos ($53 million) over the coming four years.
Meda Aims to Lead Mexico’s Fintech Space with Binance Integration
In this process, Meda will work under the supervision of Mexican financial authorities in order to control the peso deposits and withdrawals effectively, allowing users to access, send, and use their fiat funds for transactions within the Binance ecosystem, which is already known for providing its services to over 285 million people across the globe.
Run by an independent team, Meda will ensure the sustainable and fruitful development between traditional financial sectors and the digital asset ecosystem to avoid complications and disturbances for users.
On this, the Regional Vice President for Latin America, Guilherme Nazar, says that:” In a highly concentrated market, Meda aspires to become the leading alternative in the financial technology space as a processor of transactions in Mexican pesos. Recognizing that increased competition benefits consumers, Meda will provide the Mexican population access to higher-quality financial technology services at more affordable costs.”
Binance Positions Mexico as a Hub for Fintech Innovation and Digital Inclusion
The association of Meda with the Binance Corporation constitutes a remarkable regulatory milestone. It adds to the licenses, registrations, and permits Binance has in 22 jurisdictions worldwide, including France, Italy, Spain, Dubai, Japan, Brazil, and Argentina. Along with 125 million people, Mexico is a key market for expanding financial inclusion.
Furthermore, Nazar highlights.” We believe in the importance of fostering safe and sustainable ecosystems that create broader opportunities for all Mexicans’ social and economic development. Binance’s goal is to establish Mexico as a fintech innovation hub through this new independent vertical, while promoting synergy between traditional finance and emerging technologies.”
Education endures as a top concern for Binance. Through Binance Academy, we facilitate free educational resources in Spanish and more than 30 other Languages. On the other hand, Compliance and security are also key components of Binance’s sustainable and responsible development.
Every year, the Binance group spends a huge amount of millions of dollars to align with international standards and local regulations. It means that Binance is actively working on Mexico’s development in terms of investment, education, and compliance to make it a safe and sustainable, inclusive digital economic country.
