Mexican banking heavyweight Banorte taps SAP Fioneer to launch digital bank Bineo

Grupo Financiero Banorte (GFNorte) has partnered with German banking technology provider SAP Fioneer to launch its digital banking platform called Bineo in Mexico.
Bineo offers app-based services, including account and lending services, and operates under a Multiple Banking Institution license from the National Banking and Securities Commission (CNBV) with deposit protection from Instituto para la Protección al Ahorro Bancario (IPAB).
Despite being part of the Banorte group, Bineo aims to focus on challenging South American digital banking competitors, such as Nubank in Brazil and Ualá in Argentina, both operating in Mexico’s saturated digital banking market.
Bineo aims to leverage SAP Fioneer’s cloud banking platform to enhance market agility, capture, and customer experience. The platform claims to enable quick testing, building, and scaling of new products with flexible banking processes, reducing the total cost of ownership by 25%.
Bineo plans to onboard 2.8 million new customers over the next five years, utilizing its cloud capabilities and support from GFNorte.