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Argentinian e-commerce and financial services company Free Market On Monday, he filed a complaint against 36 banks in the country, citing “Cartelization and coordinated practices aimed at harming the fintech industry”, the company reported in a statement.
“Mercado Libre filed a complaint with the National Commission for the Defense of Competition (CNDC) against Argentina’s main banks for prohibited concentration, cartelization and coordinated practices aimed at harming the fintech industry and its users.” the document published by local media said.
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The company, owner of the virtual wallet Payment Marketconsiders its competitor, called digital wallet Way More than 30 banks jointly promoted Violation of Argentine competition lawgiven that”Never notified or requested CNDC to authorize joint operations“.
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“36 banks behind Modo Wallet form a cartel to avoid competing with their own virtual wallets“The statement said.
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in May, Modo’s constituent banks have denounced Mercado Libre’s anti-competitive behavior to the CNDC.
At the time, the bank noticed thatMercado Libre Abuse“generate”Negatively impact the market by disproportionately maximizing profits at the expense of shrinking the value provided to users due to a lack of competition“.
Free Market Distribution Center.
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The e-commerce company also enjoys tax benefits in Argentina because, according to the company itself, Received approximately $100 million in tax breaks each year as part of the Knowledge Economy Promotion Act.
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Mercado Libre is currently positioned as the company with the highest market capitalization in Latin America. 60,000 employees;It started out as a platform for buying and selling products and later developed financial services such as the Mercado Pago virtual wallet, which is very popular in Argentina and Australia. Uruguay.
AFP
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