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Banks should divest their stake in payment services firms e-Global, Prosa to improve competition, Mexico's Cofece says

( December 16, 2020, 16:14 GMT | Official Statement) -- MLex Summary: Banks should divest their stake in payment services firms e-Global and Prosa to improve competition in Mexico, allowing new players to enter the market and offer better services, the national competition authority said in a "preliminary" opinion. The Federal Economic Competition Commission, or Cofece, said a lack of "effective competition" in the payment services market in Mexico results in low entry of new players in the market, low innovation, reduced investments to address operational and security problems, and increased costs of banks that affiliate businesses. Cofece also recommended that Banco de México and the National Banking and Securities Commission eliminate regulatory obstacles detected and issue regulations that improve competition.See Cofece press release below (in Spanish and English):...

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