This Wednesday the trades of three financial technology companies authorized by the National Banking and Securities Commission (CNBV) with the prior agreement of the Inter-Institutional Committee, made up of Banco de México and the Ministry of Finance, in accordance with the provisions of the Law to Regulate Financial Technology Institutions, known as fintech law.
as a preview of The Economistone of the authorizations corresponds to Yes Ok Fintech to establish itself as an Electronic Payment Fund Institution (IFPE), while the other two licenses correspond to the same figure for signatures edenred and Catering thank you.
As for Catering, Merci is the authorized fintech figure for the Variable Capital Investment Promotion Company (Sapi) Klar Pago, which announced its authorization prior to its publication in the Official Gazette of the Federation.
Both Sí Vale Fintech and Edenred carried out activities as voucher companies through electronic wallets.
Prior to the publication, the three firms were operating under the protection of the eighth transitory provision of the Fintech Law, which establishes that the firms that carried out activities before the publication of the Fintech Law could continue operating as long as they submitted their application. in time and form. In the event that the authority denied the authorization, these firms would have stopped their operation.
With these authorizations, the number of Financial Technology Institutions rises to 49, of which 32 firms belong to the figure of IFPE and 17 licenses correspond to the figure of Collective Financing Institutions (IFC).
On the other hand, the three firms submitted their request to obtain the authorization between September 24 and 25, 2019, so the processing of the entities took approximately 1,252 days since the first firm submitted its official document before the authority.
In the first two months of 2023, the authorizations total six licensed firms, while in the same period of 2022 no license was published.
