Mexican Convenience Store Operator Looks to Revamp Fintech Unit

The operator of Mexico’s ubiquitous Oxxo convenience stores is replacing the leader of its digital wallet and payment unit, Spin, and looking to refocus the business after it failed to drive enough traffic to the retail chain.

The chief executive officer of Fomento Economico Mexicano SAB, José Antonio Fernández Garza-Lagüera, announced the change during the company’s earnings call on Wednesday. The company is also looking to trim expenses and improve efficiency.