Argentine Banks File Complaint Against Mercado Libre Over its Fintech Business

Source: Fintech Nexus

A consortium of Argentine banks has formally accused Mercado Libre, often dubbed the Amazon of Latin America, of abusing its dominant market position in the fintech sector. This marks a significant escalation in a longstanding dispute between the financial sector and the Buenos Aires-based fintech giant, which remains unresolved and could affect Mercado Libre’s neobanking business in the medium term. 

In an anti-competition case, local banks are challenging Mercado Libre, the nation’s e-commerce and fintech behemoth. The move comes as digital wallet firm Modo, owned by over 30 Argentine banks, files a complaint alleging anticompetitive practices to the Argentine competition watchdog, the National Commission for the Defense of Competition.