Openbank, Grupo Santander’s fully digital bank, has commenced operations in Mexico with the launch of its website and mobile app.

The digital bank offers no minimum balance requirements and no fees.

It enters the Mexican market with the launch of the open debit account, offering savers a 12.5% annual return.

The bank’s offerings in Mexico extend to debit and credit cards, SPEI transfers, and complimentary cash withdrawals at over ten thousand Santander ATMs.

Individuals who joined the waiting list will soon receive guidance on how to become customers through the Openbank Mexico app.

This expansion follows Openbank’s digital-first strategy, which has seen success in Spain, Germany, Portugal, and the Netherlands, and its recent entry into the US.

Openbank Global CEO Petri Nikkila said: “Openbank’s banking model is a key component of Santander’s digital transformation. Mexico is a market with great potential for a state-of-the-art digital bank like Openbank.”

Openbank is bringing to Mexico a suite of free features that enhance card security and usage, including controls by location or transaction type.

In the upcoming months, it plans to roll out additional products and services for Mexican customers. The bank is finalising its value proposition, which will be unveiled at the end of the waiting list period.

Openbank Mexico stated that it assures customers their deposits are safeguarded by the Institute for the Protection of Bank Savings (IPAB).

Openbank Mexico CEO Matías Núñez said: “Openbank Mexico is now a reality for all Mexicans who want to manage their finances quickly, easily, 100% digitally and with the security and solvency of Santander.

“Our proposition combines one of the most advanced digital banking experiences with the best fintech, not to mention the trust and backing of a large international financial group.”

In September this year, Banco Santander signed a multi-year deal to become the official retail banking partner of Formula 1, starting in 2025.