Yabx Enters Mexico to Expand Latin American Market Share
A fintech venture in digital lending, Yabx, has entered Mexico as part of its expansion strategy in the Latin America region. Also, the company announced the appointment of Javier Chavez-Ruiz as Business Sales Associate for the region.
Incubated by Comviva Technologies, a global leader in mobile financial services, Yabx is a part of the $21 billion Mahindra Group. It aims at simplifying financial access to new-to-credit customers and MSMEs in the Latin America region by providing financial access to the under-served.
It leverages technology and analytics to reduce the cost of delivering financial services, thereby bringing banking services to the underserved.
The company plans strategic partnerships with leading banks, microfinance institutions, e-commerce 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 capitalize on the booming digital payments and e-commerce market. Mexico’s digitization efforts have been bolstered by the adoption of digital payments amid the coronavirus pandemic.
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.
Javier brings with him over 30 years of relevant experience across multiple industries, including Financial Services, Retail, Travel and Consumer Goods. Over the last few years, he has been responsible for building the digital transformation and innovation area of Banco Santander Mexico, as head of Innovation.
More recently, he co-led the Open Banking initiative by the National Banking and Securities Comision (CNBV) representing DAI, a consulting company to develop Mexican Open Banking Standards. Previously in his career, he led Yellowpepper, a mobile payments company as CEO for Mexico, setting up its operations in Latin America.
Speaking on the expansion plans, Rajat Dayal, Founder & Chief Executive Officer at Yabx said, “Our foray into Mexican market is part of our ongoing strategy to provide innovative products to customers and MSMEs across the region.
“By strengthening our presence and capabilities in Mexico we will be able to serve our customers better while responding faster to the market opportunities. We are happy to appoint Javier as Business Sales Associate for the region. His extensive knowledge and experience in the financial services domain will help us grow our business in Mexico.”
Speaking on the occasion, Javier Chavez-Ruiz said, “I am excited to be associated with a brand like Yabx, which promises to simplify financial access to unbanked customers through digital lending offerings. With its growing footprint in the region, we will continue to help regional banks, microfinance institutions, credit bureaus, mobile financial services providers, mobile network operators and handset manufacturers to achieve bottom-line benefits, with solutions that drive operational efficiencies and optimize existing investment.”
The company plans to expand its market share in the digital lending space in Latin America. Recently, the company had joined hands with Movii, a leading mobile wallet and a challenger bank in Colombia to provide credit services for MSMEs.