This Monday the National Baking and Stock Commission (CNBV) published the authorization corresponding to four entities to operate under the terms established by the Law to Regulate Financial Technology Institutions, (fintech law).
Two firms will be added to the regulated universe that will operate as an Electronic Payment Funds Institution (IFPE), Sylon Capital and Alto Azareo. In addition to two others licensed for Crowdfunding Institutions (IFC), Quindalo Group and ucombi.
With the release of the recent four authorizations, the six Financial Technology Institutions (ITF) that the CNBV advanced in the last week of March, after a meeting was held in the Inter-institutional Committee with the Ministry of Finance the Bank of Mexico.
“Two are collective financing institutions, two electronic payment fund institutions and two other collective financing institutions that had been operating under the Eighth Transitory Provision of the Law to Regulate Financial Technology Institutions”, can be read in the Commission statement.
In the case of Grupo Quindalo, it appears in the Catalog of the Mexican Financial System with the short name of Inverteca and Sylon Capital only as Sylon, while the others maintain their company name as the short name.
All the recently authorized entities submitted their writing to obtain their license in 2022, specifically Grupo Quindalo on the 16th, Sylon Capital on the 18th and Alto Azareo on February 28, while Ucombi expressed its intention by writing on March 10 of the same year.
On the other hand, with these authorizations, the regulated universe is made up of 55 entities that are authorized to operate under the terms established by the Fintech Law.
To date, the sector of formally authorized ITFs is made up of 34 IFPEs and 21 IFCs that have final endorsement.
The CNBV highlighted in its statement that 56% of the authorizations for the operation and functioning of this type of Financial Technology Institutions have been approved during the administration of the president of the CNBV, Jesús de la Fuente Rodríguez.
The official letters published in the Official Gazette of the Federation (DOF) are signed by the general director of specialized authorizations of the CNBV, José Antonio Vizcaíno Ruiz and the technical vice president of the Commission, Ramiro Edgar Álvarez Hernández.
