Mexico publishes secondary fintech regulations

Bnamericas Published: Tuesday, September 11, 2018
Mexico publishes secondary fintech regulations

Secondary provisions to Mexico's trailblazing fintech law were published in the country's daily legislative gazette on Monday, filling in a wide variety of gaps in the framework for the country's expanding ecosystem of financial technology firms.

The secondary laws go into effect with the publication.

The latest regulations, the product of close cooperation between the financial sector regulator (CNBV), the central bank, commercial banks and fintechs, establish, among other things, how the innovative firms will become registered as financial technology institutions (ITFs) - the new, official CNBV designation for fintechs in Mexico.

The rules build on the primary legislation, passed in March, which provided the basic regulatory skeleton for all fintech activities in the country - a framework being viewed carefully elsewhere in Latin America as rules are being developed in countries like Brazil, Chile and Colombia.

The primary legislation was hailed as the first of its kind in the world to be so broadly comprehensive, including elemental guidelines on firms working to develop apps utilizing electronic payments, crowdfunding, cryptocurrencies (such as bitcoin) and electronic financial advisory, also known as robo-advisors.

In comments leading up to Monday's publication of the rules, CNBV chief Bernardo González Rosas said that it had identified 73 entities as fintechs operating in the country that will now need to follow the new procedures to be designated as ITFs, as reported by Mexican news agency Notimex.

With the publication of the provisions, he said, the way in which many SMEs can obtain financing in a cheap and convenient way will be modernized.

The regulations also include long-awaited rules on crowdfunding, as the industry looks to provide the general public with collaborative ways of financing and investing. Furthermore, they detail rules for making electronic payments among other e-money provisions.

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects

Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.

  • Project: Quebradona
  • Current stage: Blurred
  • Updated: 3 days ago
  • Project: Itinga
  • Current stage: Blurred
  • Updated: 3 days ago
  • Project: Ayawilca
  • Current stage: Blurred
  • Updated: 3 days ago

Other companies

Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.

  • Company: BASF Chile S.A.  (BASF Chile)
  • BASF Chile, a subsidiary of German chemical company BASF SE, started operations in Chile in 1910 representing the firm on the Pacific Coast, and supplying Peru, Bolivia, Ecuador...
  • Company: BNP Paribas Colombia
  • The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
  • Company: ATCO México
  • ATCO México, the local subsidiary of Canadian holding group ATCO, is engaged in the development, construction and operation of energy infrastructure. Since its incorporation in ...
  • Company: Akzo Nobel Ltda.  (AkzoNobel Brasil)
  • AkzoNobel Brasil is the Brazilian subsidiary of AkzoNobel, the Dutch global paints and coatings company and producer of specialty chemicals with operations in more than 80 count...
  • Company: 3M Chile S.A.  (3M Chile)
  • 3M Chile is the local subsidiary of the diversified global technology company 3M, which operates in four business units: security and industry, transportation and electronics, h...
  • Company: Gold Fields Ltd.  (Gold Fields)
  • Gold Fields Ltd. is a South African mining company engaged in gold mining and related activities, including exploration, extraction, processing and smelting. It is a producer of...
  • Company: Finning International Inc.  (Finning)
  • Finning International is a Canadian distributor of heavy equipments. The firm is the world's largest Caterpillar equipment dealer, with operations in western Canada, the UK, Ire...