08/05/2021

New Authorizations Issued For Entities To Work Less than The Fintech Law

On April 28, 2021, the Ministry of Finance and Public Credit score printed in the Official Federal Gazette the authorization for the organization and procedure of Tu Dinero Electronic, S.A. de C.V., an electronic payment fund institution, and BXL Fintech, S.A. de C.V., a collective financing institution under the Regulation to Control Economic Engineering Institutions (Ley para Regular las Instituciones de Tecnología Financiera) (Fintech Law).

Tu Dinero Electronic, which asked for to the Countrywide Banking and Securities Fee (CNBV) the authorization to be structured and function as an electronic payment fund institution on October 8, 2019, and which is domiciled in San Pedro Garza García, Nuevo León, was authorized with a cash stock amounting to the sum of $32,500,000.00 MXP.

On the other hand, BXL Fintech, which asked for prior to the CNBV the authorization to organize and function as a collective financing establishment in December 2019, was licensed with a cash stock amounting to the amount of $7,911,330.00 MXP with its domicile in Mexico Town.

In both of those conditions, and pursuant to the provisions of the Fintech Legislation, the authorizations may well be revoked if they do not get started functions within just 6 months.

At last, the two entities need to accredit at least 30 days prior to the begin of functions the demands established forth in Write-up 40 of the Fintech Legislation, among the which are: (i) that they are duly incorporated, for which purpose they have to supply the registration facts in the Community Registry of Commerce (ii) that they have the bare minimum subscribed and compensated-in money that corresponds to them (iii) that their directors and officers comply with the prerequisites set forth in the Fintech Legislation alone and the standard provisions issued by the CNBV and (iv) that they have the technological infrastructure, internal controls to carry out their activities and offer their companies, and guidelines, procedures, manuals and other files needed by the Fintech Law and the provisions derived therefrom.