A consortium of Argentine banks has formally accused Mercado Libre, often likened to the Amazon of Latin America, of abusing its dominant position in the fintech sector. This escalation in the longstanding dispute between the financial sector and the Buenos Aires-based fintech giant could have implications for Mercado Libre’s neobanking business in the medium term. The move follows a complaint by digital wallet firm Modo, owned by over 30 Argentine banks, to the National Commission for the Defense of Competition, alleging anticompetitive practices in the market.

AMI’s Ignacio E. Carballo, Head of Alternative Finance, has his views on the matter. For the magazine Fintech Nexus, he said:

The dispute between Mercado Libre and Argentine banks is paradigmatic because, globally, such disputes between fintechs and banks have long since ceased. Mercado Libre is a giant that, due to its sheer size, becomes a perfect target in financial system disputes. In the rest of Latin America, there are no fintech actors as concentrated.

You are welcome to read the full coverage in the Fintech Nexus article: Argentine Banks file complaint against Mercado Libre over its fintech business

 

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