Grupo Financiero Banorte, a Mexican bank, has introduced bineo, a digital bank, authorized by the National Banking and Securities Commission. With this bank, customers can move money, apply for loans and more by downloading an app for iOS or Android, according to a press release.

Initially, bineo will offer the Total Account with unlimited deposits and the Light Account with deposits limited to $3,000 monthly. Both accounts will provide bineo pockets to allow users to set aside money for savings goals. Customers will also have a digital debit card and an infoless physical card that can be used at more than 10,000 Banorte ATMs.

"The launch of bineo is a great milestone in the history of Grupo Financiero Banorte that will allow us to meet all needs: those who prefer a human-digital combination and those who seek 100% digital banking, with the financial security that has always characterized the institution," Carlos Hank González, chairman of the board of Grupo Financiero Banorte, said in the release.

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