Broadcast United

What measures will Argentina’s banks take to “cartelize” according to Mercado Libre? Company | Business

Broadcast United News Desk
What measures will Argentina’s banks take to “cartelize” according to Mercado Libre? Company | Business

[ad_1]

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.

(You can read: More allies and better service, Rappi’s commitment for the rest of 2024).

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“.

Argentina

Argentina

stock

36 banks behind Modo Wallet form a cartel to avoid competing with their own virtual wallets“The statement said.

(You may be interested in: Mintrabajo puts TransMilenio working conditions ‘under the microscope’).

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

Free Market Distribution Center.

Private Archives

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.

(We recommend: ETB is about to reach an important milestone of 140th birthday).

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

[ad_2]

Source link

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *