Fintech Law begins to rule in Mexico

This Monday the provisions that will include this rules that regulate the transactions linked with technological means were published

Since Monday, the Financial Technology Law in the region of Mexico came into force, which aims to regulate all banking services that are related to technological means.

The provisions were published on Monday in the Official Gazette of the Federation (DOF), which include aspects “of a general nature referred to in Article 58 of the Law to Regulate Financial Technology Institutions”, as highlighted by the Ministry of Finance. and Public Credit (SHCP)

This law will be in charge of governing the services provided by banking entities in terms of technology, as well as their organization, operation, among others. This is the first regulation of this type that covers electronic payments, collective financing, virtual assets and electronic financial advice.

This process will be the starting point for companies wishing to operate under these mechanisms and request their inclusion to the National Banking and Securities Commission (CNBV).

Official figures indicated that in the world there are more than two thousand companies that work under the fintech modality. Only in Mexico there are 238, of which 76 are dedicated to collective financing or “crowdfunding”.

K. Tovar

Source: Finanzas

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