Mexican fintech Arcus, recently acquired by Mastercard, received authorization from the National Banking and Securities Commission (CNBV) to operate as an Electronic Payment Funds Institution (IFPE). The authorization will allow Arcus to expand its product offerings in the regulated fintech space in Mexico.
With this authorization, Arcus joins 67 other regulated fintech entities in Mexico. It specializes in real-time payments and targets banks, fintechs, and digital wallet providers.
“This authorization aligns with our ongoing efforts to expand our range of services. Being an IFPE allows us to offer more comprehensive payment solutions,” states the company on its website.
Mauricio Schwartzmann, Country Manager of Mexico at Mastercard, noted, “The CNBV approval is a significant milestone for Arcus and aligns with Mastercard’s long-term strategy in the fintech sector. We are expanding from being just a card payment network to include other relevant means of payment”
Read more at latamfintech.co