In Mexico, the National Banking and Securities Commission (CNBV) reported on the deliberations on the approval process of financial technology institutions under the so-called “Fintech Act”.
Via the Twitter account on January 21st they indicated: “Of the 93 companies that have applied for a permit, 69 work under the provisions of the eighth transitional provision of the Fintech Act.”
The full text of the deliberations published by the CNBV on January 20 can be found here.
There you can read, among other things: “The approval process for financial technology institutes (ITF) runs according to the deadlines set out in the law regulating financial technology institutes (Fintech law).”
On the other hand, in relation to some considerations raised at a federal executive conference, the National Banking and Securities Commission reported that the CNBV is processing 93 applications for approval to organize and operate as an ITF with the following details:
There were 59 inquiries about the operation of Electronic Payment Funds Institutions (IFPE) and 34 inquiries from Collective Finance Institutions (IFC).
Of the 93 current applications, 69 applying companies are currently active. The foregoing was based on the eighth transitional provision of the Fintech Act, as they carried out financial activities before this Act came into force and formalized their application to work as an ITF with the possibility.
An officially authorized facility is still in operation today, NVIO PAGOS MÉXICO, S.A.P.I. de C.V., Institution of Electronic Payment Funds, to which are added the others who may be authorized.
In addition, they confirmed that the settlement deadlines will be implemented in accordance with the applicable regulations.
“In order for an applicant company to be approved as an IFT, it is important that it meets all of the specified requirements,” they clarified.
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