Mexico and the United States: a necessary financial alliance

The relationship between Mexico and the United States is, without a doubt, one of the most important in the hemisphere. It encompasses trade, investment, migration, security, and, increasingly, a binational financial ecosystem that represents an enormous opportunity for shared economic growth. In this context, we at the Union of Mexican Financial Institutions (UNIFIMEX) have decided to strengthen ties with key players in the U.S. economy and diplomacy, with the sole objective of positioning our institutions as a bridge of synergy and collaboration.

Last week, we had the pleasure of meeting with Larry Rubin, president of The American Society of Mexico, an organization that brings together U.S.-based companies, leaders, and chambers of commerce with a presence in our country. We agreed that sustainable economic development cannot exist without a strategic alliance between the financial sectors of both nations. Collaboration, joint training, the implementation of best practices, and the certification of our institutions are clear paths toward that goal.

UNIFIMEX represents a diverse group of mid-sized and regional Mexican financial institutions seeking to professionalize, innovate, and meet the highest standards. For example, in 2024, Mexico received more than $63 billion in remittances, of which our members transacted nearly 75%. This data reflects the economic importance of the relationship between our migrant populations and the financial system, as well as the need to create a framework of efficiency, transparency, and cooperation that maximizes its social impact. The northern border region and high-migration states such as Michoacán, Guanajuato, Oaxaca, and Jalisco have enormous potential if we can articulate a binational financial policy that transforms remittance transfers into value chains, housing, entrepreneurship, or education.

Remittances are not just monetary flows: they are opportunities for productive investment, savings, financial inclusion, and social mobility. Therefore, it is essential to coordinate efforts with the U.S. Departments of the Treasury, Justice, and Homeland Security, as well as their respective attachés at the U.S. Embassy in Mexico. At UNIFIMEX, we are opening direct communication channels with these stakeholders, convinced that the institutional strengthening of Mexican financial institutions also contributes to the economic and social stability of the region.

Now more than ever, it is urgent to promote an agenda of bilateral understanding and financial information sharing, creating "safe harbors" with access to technology that allows all small and medium-sized institutions in Mexico to continue operating with the confidence that the highest standards are being met. This will allow us to better serve our clients and, above all, build trust among international players.

In a global environment as complex and dynamic as the current one, our institutions continue to prepare to comply with internationally accepted regulations on money laundering prevention, terrorist financing, regulatory compliance, corporate governance, and risk management.

UNIFIMEX will continue to consolidate itself as a natural space for meeting, synergy, and cooperation between Mexican financial institutions and their U.S. counterparts. We appreciate the support of U.S. stakeholders, with whom we will continue working to build bridges, open markets, and professionalize our sector.

Mexico needs a modern vision for its financial system. One that recognizes that economic development is not possible without strong, inclusive national institutions connected to the world, especially the United States.