ARGENTINA · BANKING
Key Facts
- The country Argentina is a major South American economy led by President Javier Milei, where fintech apps such as Mercado Pago compete with traditional banks for customers’ money.
- Why it matters Mercado Pago belongs to MercadoLibre, which trades on Nasdaq under the ticker MELI, and a bank license would let it take salaries and deposits, business that only banks may do.
- Why now The central bank’s supervisor of financial institutions announced on Thursday 29 October 2026 that his unit had finished the technical review of the application.
- What happened Argentina’s central bank cleared the technical review of Mercado Pago’s request to become a bank, leaving a legal opinion and a vote by the bank’s board.
- The numbers Mercado Pago has more than 20 million accounts in Argentina by market estimates, because it has never published an exact figure.
- What it means for you A license would widen the business of a Nasdaq-listed company in its home market while adding the capital and reporting duties that banks carry.
- Still open No date is set for the board’s decision, and approval could come with conditions.
- Power Index Argentina ranks 4th of 14 in The Rio Times Latin America Power Index, with 61.2 points (October 2026 edition).
In Plain English
A bank license from the central bank, known as the BCRA, lets a company take deposits, credit salaries and lend customers’ money, which payment apps may not do today. A wallet such as Mercado Pago works as a payment service provider, and its accounts carry a virtual account number called a CVU instead of a bank account number called a CBU.
The superintendency of financial and foreign exchange institutions is the BCRA unit that reviews each application first. The central bank’s board then takes the final decision.
Argentina’s central bank has cleared the technical review of Mercado Pago’s application to become a bank, a step toward a license for the fintech arm of Nasdaq-listed MercadoLibre. Juan Curutchet, the central bank’s superintendent of financial and foreign exchange institutions and a member of its board, said on Thursday 29 October 2026 that the file has passed all of the superintendency’s technical reviews.
The file now needs a legal opinion and a vote by the central bank’s board, and no date has been set. Curutchet had said weeks earlier that the license would be granted before the end of the year, according to Infobae and El Cronista.
What the Central Bank Said
Speaking at the Fintech Forum organized by the Argentine Fintech Chamber, Curutchet said the file for the future bank, which he understands will be called Mercado Banco, has cleared all the technical reviews of the superintendency. El Cronista reported that he described a final circuit of a legal opinion and the board, with a formal period still to run.
Curutchet also said the central bank’s message is clear that being a bank is not mandatory, and that anyone who wants to be one must explain why, because it brings costs and requirements. He added that the ecosystem is valuable because different business models can live side by side.
What a Bank License Would Change
Infobae reported that Mercado Pago is today a payment service provider, so its accounts cannot receive salary payments, a business reserved to banks. With a license, the more than 20 million accounts that market estimates attribute to it could become bank accounts, and workers could receive their pay directly in the app.
A bank could also take term deposits and lend them on, which Infobae described as financial intermediation that only banks may perform. Under its current status Mercado Pago can lend only its own funds and not those of its customers, a point on which traditional banks have long complained to the central bank.
Infobae cited sources familiar with the process as saying the application came with a very conservative business plan in which the financial segments would grow at a moderate pace. The same report said there are fears inside the central bank about the arrival of a new market leader, and it questioned whether so moderate a plan fits a company that competes hard in every business it enters.
Revolut and Other New Entrants
El Cronista reported that in September the central bank approved the purchase of Banco Cetelem Argentina by Revolut, the digital bank that serves more than 80 million customers worldwide. Once the transaction closes the bank will be renamed Revolut Bank Argentina and will start offering products in 2027.
Curutchet also referred to new applicants for bank licenses, saying that an offshore company that is not a financial firm, with an address in a jurisdiction that may be a tax haven, has now appeared. He said Argentina may need an integral view of such cases and that the central bank will look at other countries that already grant these licenses.
Infobae added that Curutchet said an earlier central bank plan to regulate fintech firms by size, which would have given Mercado Pago its own special rules, has been left behind. The reason he gave was that its main target decided to ask for a bank license.
Why US Investors Watch
MercadoLibre trades on Nasdaq under the ticker MELI, and Mercado Pago is the fintech arm of the group founded by Marcos Galperin. A bank license in Argentina, where the group started, would change how much of its financial business it can run in one of its main markets.
Background on the group is in a Rio Times explainer on MercadoLibre, and the rules foreigners face when opening an account are in a guide to banking in Argentina. More coverage of the country is on the Argentina hub page.
What It Means for You
For US holders of MELI shares, the technical clearance is a regulatory milestone rather than a final approval, and the board vote is the event to watch. A license would bring bank-level obligations, which Infobae said Mercado Pago would have to meet in the same way as traditional banks.
For US travelers and expats in Argentina, nothing changes today, because the application is not yet approved. If it is, wallet users could in time hold their salary and savings in the same app.
What Is Not Known
The central bank has not said when its board will vote, and El Cronista reported that no date has been set. Infobae noted that there is no certainty that the final approval will come without conditions meant to prevent distortions in the system.
Mercado Pago has never published an exact account count in Argentina, so the 20 million figure remains an estimate. The scope of the products it would launch as a bank, and how fast, depends on a business plan that has not been made public.
Frequently Asked Questions
Is Mercado Pago becoming a bank in Argentina?
Argentina’s central bank supervisor said on 29 October 2026 that the technical review of its application is complete. A legal opinion and a vote by the central bank’s board are still needed.
When will Mercado Pago get its bank license?
No date is set. Juan Curutchet had said weeks earlier that the license would be granted before the end of 2026.
What could Mercado Pago do as a bank?
It could credit salaries to its accounts and take term deposits to fund loans, which only banks may do. Infobae said it can currently lend only its own funds.
Who owns Mercado Pago?
Mercado Pago is the fintech arm of MercadoLibre, which trades on Nasdaq under the ticker MELI. Marcos Galperin founded the group.
What is Revolut doing in Argentina?
The central bank approved Revolut’s purchase of Banco Cetelem Argentina in September. The bank will be renamed Revolut Bank Argentina and start offering products in 2027.
Sources: Infobae, 29 October 2026; El Cronista, 29 October 2026; Banco Central de la República Argentina, board page, opened 31 October 2026; MercadoLibre investor relations site, opened 31 October 2026; US Securities and Exchange Commission company record for MercadoLibre (Nasdaq: MELI), opened 31 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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