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Due to the pandemic, the term for fintech approvals is changing again in Mexico

July 1, 2020

In Mexico, due to the COVID-19 pandemic, an expansion of the cessation of activities by the National Banking and Securities Commission (CNBV) was again published in the Official Journal of the Federation (DOF). This includes pending permits for fintech companies. This was reported by The CEO portal on June 29 last year.

What happens to the fintech authorization process? According to this publication, the deadlines for processing permits have been suspended since March 23, 2020. “The new extension (…) does not mean that the financial regulator has stopped its workAccording to the company specializing in Fintech Legal Paradox, “they explained.

In-depth examination of the files

From the Legal Paradox, they remarked, “On the contrary, Their analysis of the files has continued so that they can conduct an in-depth investigation and find fine points that need clarification. “

Due to the pandemic, the term for fintech approvals is changing again in MexicoDue to the pandemic, the term for fintech approvals is changing again in Mexico

They also pointed this out from Legal Paradox The authorities will visit fintech companies to hold a virtual meeting and continue the process.

“So far, 95 fintech companies, both electronic and collective, are still awaiting approval from the CNBV. The postponement of the permits has not ceased operating in the country, but has made it impossible to apply for permits. The decision was made based on the fact that the government of Mexico City has declared that the city is at a red light with a transition to orange, and the suspension is designed to prevent measures according to the document published in the DOF To continue spreading COVID-19, “the article concluded.

Next, the “AGREEMENT TO PROCESS THE SUSPENSION OF DEADLINES AND ACTIVITIES IN THE NATIONAL BANK AND SECURITIES COMMISSION DURING THE COVID 19 PANDEMIC”:

JUST. The deadline for suspending the deadlines for hearings, procedures and procedures to be carried out or to be carried out before the Commission will be extended until 15 July 2020, also taking into account the obligations that need to be communicated or Ministry of Finance and Public Lending through this Commission on issues related to the prevention of operations with resources of illegal origin and the financing of terrorism and the impact of other provisions of the Agreement on the road due to the coronavirus COVID-19, published in the Official Journal of the Federation, temporary and extraordinary measures as well as some deadlines for financial institutions and individuals subject to the supervision of the National Banking and Securities Commission will be suspended in March 2020; extended due to agreements published in the Official Journal of the Federation on April 17 and 28 and May 29, 2020.

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