Answer ... Mexico’s fintech ecosystem has evolved to become one of the most developed and dynamic in Latin America. The Mexican market affords abundant opportunities for fintech companies, due to low penetration of financial services and a young, tech-savvy consumer base.
On 25 September 2019 all operating fintech companies in Mexico will become formally regulated under the Financial Technology Institutions Law. After this deadline, the National Banking and Securities Commission (CNBV) and the Interinstitutional Committee – comprised of members of the CNBV, Banxico and the Finance Ministry – will have six months to grant or deny individual authorisations. This will represent an important step in the consolidation of fintech companies and mark the start of a new chapter in terms of fintech regulation in Mexico.
Secondary regulation and provisions – such as open banking rules, outsourcing rules for e-money institutions and technological infrastructure guidelines – will be published in the coming months.
Therefore, the next few months will be critical to the development of the Mexican fintech ecosystem. The implementation of the Financial Technology Institutions Law and the introduction of secondary legislation will promote fintech investment, public support and consumer involvement in the sector.