Fintech
Argentine banks file legal complaint against MercadoLibre’s Fintech division
Argentine banks filed a legal complaint Monday against MercadoLibre Inc. for alleged “abusive conduct” on its digital payments platform, increasing pressure on the company after new central bank regulations forced key changes to the fintech sector.
MODO, a virtual wallet supported by Bloomberg Terminal Around 30 Argentine banks have accused the e-commerce giant of forcing consumers to make online purchases through its payment platform, Mercado Pago, among other practices, according to MODO’s statement regarding its formal complaint before the Argentine National Commission for the Defense of Competition.