Mexican Economic Development (Femsa) stopped, for now, one of the most ambitious plans for its digital business: requesting a license for Spin, its financial arm, to operate as a bank. The company will postpone this procedure while it concentrates its efforts on strengthening Oxxo’s operation in Mexico, confirmed its general director, Jose Antonio Fernández Garza-Lagüera.
The decision, he explained, is part of an adjustment in his strategy. Before becoming a bank, the company wants to ensure that its platform is solid, add more users, increase the use of digital payments and strengthen customer loyalty.
It will also stop looking for external partners for its Premia points program and will focus that effort on its network of stores.
He explained that he will explore opportunities in the credit business, but will not apply for a banking license until he has greater clarity about the results.
In 2025, Spin by Oxxo added 800 thousand new users and reached a total of 16.1 million, compared to 13.1 million in the same period of the previous year, an annual increase of 22.7 percent.