Sofipos will be the ones that give the greatest impetus to financial digitalization: AMS

Jiutepec, Mor. The main objective of Popular Financial Companies (Sofipos) in the short term is to consolidate themselves as credit institutions with the greatest capacity to adapt to the digital era and thus manage to incorporate more people into the Mexican system, announced the president of the Mexican Association of Sofipos (AMS), Juan Francisco Fernández.

Inaugurating the 9th AMS Convention, the director stated that the growth that these institutions have had in recent years “is not a coincidence,” since reforms have been adopted by the authorities that allow them to operate and have a high impact among the population, especially those that have been left behind by commercial banking.

“We have the vision of consolidating the figure of Sofipo as the most powerful to generate innovation, inclusion and impact in the Mexican financial sector,” he said.

The president of the AMS stated that this financial entity “has already positioned itself as the ideal one to create disruption and evolution in the Mexican financial system. In the last five years we went from serving 3.3 million Mexicans to 17 million… the products of the sector stand out in their respective niches for their innovative value offers based on technology.”

“We have entities that are distinguished by enabling financial life in regions where no one else serves and we have operations in 88 percent of the 2,470 municipalities in the country and 100 percent of the country’s federal entities. Growth is not a coincidence, our regulatory framework reflects the joint work and dialogue of the sector with the authorities that have allowed us to have a great impact,” he added.

He also said that there are currently a series of proposals that seek to modernize and give greater weight to the sector, which is to evolve the regulatory framework; advance in digitalization; strengthen entities with high regulatory standards since attracting customers is a great responsibility; increase alliances with development banks and their suppliers and impact more people through financial inclusion.

Fernández added that the country is experiencing a historic moment as Claudia Sheinbaum becomes the first female president of Mexico, and that the sector will therefore maintain a respectful dialogue and a commitment to promote the growth and development of the population.