Mexico’s new fintech law made headlines in March 2018, making Mexico one of the first countries in the region to officially regulate new financial technology companies. As of this Monday, September 10th, fintech companies in Mexico have one year to register with Mexico’s Comisión Nacional Bancaria y de Valores (CNBV) under one of three categories: collective banking institution, online payments, or a new financial model.
In order to operate in Mexico, these businesses will need to provide a risk manual, create a position for a compliance officer in line with the CNBV rules, and prove they have the minimum capital necessary to operate.
The number of fintech startups in Mexico has doubled in the past two years, according to Finnovista. Up to 61% of adults in Mexico still do not have access to a bank account, so fintechs have a significant role to play in helping improve the situation for the country’s unbanked.
“While companies wait to receive authorization, they must explain on their website that the authorization to complete said activity is still being processed, so it clear that it is still not being supervised by Mexico’s authorities,” says the Fintech Law.
Read more about Mexico’s fintech law in El Financiero.
