Mexican retail company FEMSA is planning to expand operations of its kiosks and business-to-business (B2B) service, reported Reuters citing executives.
The expansion plan comes close on the heels of the company’s acquisition of Swiss kiosk operator Valora that enabled the Mexican firm’s entry into the European market.
FEMSA is expected to add more new stores and affiliating independent stores in Germany in coming quarters, reported the news agency citing chief corporate officer Francisco Camacho.
However, the company is not considering opening stores in other geographies, Camacho noted.
Camacho said: “We do not expect this to be altogether a major strain on the FEMSA funding structure.”
The retailer is likely to fund the expansion project from other operations of the firm.
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Further, FEMSA will also introduce a business-to-business service via its financial technology unit, said executives.
Details regarding the amount to be invested or if the service would be run under the same name as its fintech service Spin were not disclosed.
Operated by Oxxo convenience store chain, Spin recently secured ‘fintech licence’ from Mexican regulators.
Reuters, quoting Spin executive Asensio Carrion, reported that the service will cover ten million users by next year.
According to Camacho, the fintech licence will help FEMSA assess the use cases for Spin. Following this, the company may opt to seek a banking licence, he added. Meanwhile, Carrion said FEMSA is awaiting approvals to allow major deposits and direct deposit payments from employers.