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Mexico: Amazon, Facebook and Google want to take advantage of payment systems under the Fintech law

In Mexico, giant entrepreneurs such as Amazon, Facebook and Google, approached the National Banking and Securities Commission (CNBV) to seek authorizations in terms of payment systems under the Fintech Law. This was reported by Forbes Mexico, on March 29.

The article quoted the president of the CNBV, Adalberto Palma, who said that these companies are seeing payment issues and approached. “This issue of Fintech has opened a door of very interesting expectations”, he explained.

The official pointed out that given the speed in terms of technology, the Commission’s interest is that Mexico should not be left behind in terms of regulation.

In this regard, said: “The issue of regulatory innovation is our responsibility, we must be vigilant not to be the brake, but not be irresponsible to do things without understanding them”.

Palma said that several Fintech companies have already submitted their request or intention trying to obtain authorization for their operation in the country. And he commented that some contemplate becoming multiple purpose financial corporations (sofomes) or banks. Then he remarked: “We are in that discussion”.

The president of the CNBV informed that the creation of a vice-presidency focused on the topic of Fintech is being considered, which would be added to the ten vice-presidencies that exist today and of which he has already appointed the leaders. “It’s in a proposal that was made last year and that we are reviewing, to see that issue that represents a new burden for the Commission, a lot of responsibility”, he said.

Fintech Studio

Also in Mexico, Banco Santander, together with the Embassy of the United Kingdom, will promote the development of a study related to Financial Technology companies.

The bank announced that, in partnership with financial technology companies (Fintech) and in collaboration with the United Kingdom Embassy in that country, will promote a study on the challenges, prospects and opportunities for the development of these companies.

They hope that the study, which will be developed by Endeavor, will give recommendations so that these companies can continue to develop, accelerating competition, under equal conditions for banks and Fintech.


Also published on Medium.

Published inFintech

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