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Story summary
- FEMSA (the Mexican retailer) is cutting hundreds of Spin fintech jobs to focus on Oxxo stores, affecting 1,300 positions.
- Spin launched a digital wallet in 2021, and that service has struggled to attract customers amid competition.
- Analysts say the Spin service does not resonate with Mexican consumers.
- FEMSA's chief executive officer acknowledged Spin's underperformance.
- FEMSA will narrow Spin's scope and halt its banking license efforts until the credit business gains traction.
