This Thursday, the National Baking and Stock Commission (CNBV) published the authorization corresponding to two entities to operate under the terms established by the Law to Regulate Financial Technology Institutions, also known as fintech law.
The firms that join the regulated universe are Maussan and González Enterprises as a Collective Financing Institution (IFC), in addition to Expansive Realty also as IFC.
With the recent authorizations, the regulated universe broke the barrier of 49 entities, amounting to 51 firms that operate under the terms of the Fintech Law.
With the new formally authorized Financial Technology Institutions, the regulated universe is currently made up of 32 Electronic Payment Fund Institutions (IFPE) and 19 IFCs that have final endorsement.
According to the official letter, Emprendimientos Maussan y González submitted its document to obtain its authorization on September 24, 2019. While Expansive Realty stated in writing its intention to establish itself as IFC on September 25, 2019.
Last week, the CNBV announced that it would publish the official letters corresponding to four IFCs, of which two were already operating under the eighth transitory provision of the Fintech Law.
Once the remaining authorizations advanced by the Commission and of which the name will be communicated through the Official Gazette of the Federation are published, as well as their integration into the Catalog of the Mexican Financial System, the sector would be made up of 55 entities, of which which 34 would be IFPE and 21 IFC.
Therefore, the fintech regulated universe would be greater than that of other financial sectors such as multiple banking, which has 49 operating institutions, or that of Popular Financial Societies (Sofipos), which is made up of 37 authorized entities in operation.
Although the commission detailed in its statement that “56% of the authorizations for the operation and functioning of this type of ITFs have been approved during the administration of the president of the CNBV, Jesús de la Fuente Rodríguez.”
The published official letters have the signature of the former president of the CNBV, Juan Pablo Graf Noriega.
