FEMSA eyes bank licence for Spin, pilots 40‑hour weeks at Oxxo stores

FEMSA, the Mexican conglomerate that owns the Oxxo convenience‑store chain and Coca‑Cola FEMSA, said it is reconsidering a plan to obtain a banking licence for its fintech unit Spin. Chief executive José Antonio Garza‑Laguera told analysts the licence would help the company serve under‑banked consumers and allow credit‑portfolio financing that does not rely on FEMSA’s balance sheet. Chief financial officer Martín Arias added that the credit portfolio will start small, be non‑recourse to the group and could later be funded off‑balance‑sheet, potentially paving the way for an “Oxxo Bank.” The effort is supported by a partnership with QED Investors.

In parallel, Oxxo, which operates more than 24,000 stores 24 hours a day across Mexico, is testing shorter weekly work schedules. President José Antonio Fernández Carbajal and CFO Arias said pilot schemes of 45‑ and 40‑hour weeks are being run in several locations to gather data on staffing, costs and employee well‑being ahead of Mexico’s gradual reduction of the legal work week, which will reach 40 hours by 2030.