Comparative Guides

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How are the following key technologies in the fintech space regulated and what specific legal issues are associated with each? (a) Internet (e-commerce); (b) Mobile (m-commerce); (c) Big data (mining); (d) Cloud computing; (e) Artificial intelligence; and (f) Distributed ledger technology (Blockchain, cryptocurrencies)

Answer ... (a) Internet (e-commerce)

Article 89 of the Commercial Code allows for the use of electronic means for commercial purposes. Likewise, the Federal Civil and Commercial Codes contain chapters that recognise electronic channels as a valid and legitimate means to express consent and establish obligations and rights among the parties.

Furthermore, the Federal Consumer Protection Law and Official Mexican Standard NMX-COE-001-SCFI-2018 (NMX) regulate e-commerce in Mexico.

The Federal Consumer Protection Law addresses the consumer-oriented obligations that e-commerce players have to consumers. The NMX is a non-binding regulation, but establishes specific mechanisms that providers might adopt to provide consumers with secure services.

(b) Mobile (m-commerce)

The Mexican regulatory framework does not distinguish between e-commerce and m-commerce, given that the definition of ‘e-commerce’ is broad enough to encompass both. Therefore, the e-commerce rules discussed in question 3.1 will also apply to m-commerce.

(c) Big data (mining)

No specific regulations exist as yet.

(d) Cloud computing

Cloud computing is addressed within the Mexican legal framework only with regard to data protection. Article 52 of the Rules of the Federal Law for Personal Data Protection in Possession of Private Parties establishes the obligations that those engaging in cloud computing services must meet in order to protect personal data.

Likewise, and in terms of Article 52, the National Institute for Transparency, Access to Information and Personal Data Protection has issued a guide on cloud computing services rules. Therefore, fintech companies must adhere to such rules whenever their contracted cloud computing services directly or indirectly affect personal data.

(e) Artificial intelligence

Artificial intelligence is not yet regulated under Mexican law.

(f) Distributed ledger technology (Blockchain, cryptocurrencies)

Distributed ledger technology is not yet regulated under Mexican law.

For more information about this answer please contact: René Arce Lozano from Hogan Lovells, Mexico