Ley para Regular las Instituciones de Tecnología Financiera (Ley Fintech), introduced in 2018, has boosted Mexico’s financial technology sector. During the Second Fintech Week, government and private sector representatives agreed on enhancing regulatory frameworks.
- Current Status: As of now, 59 Institutions for Electronic Payment Funds (IFPE) and 27 Collective Financing Institutions (IFC) have been approved under the Ley Fintech, totaling 83 entities.
- Bank of Mexico Governor’s Perspective: Victoria Rodríguez Ceja noted that while Mexico was one of the first in Latin America to establish a fintech regulation law, the first authorization occurred only in 2020. Despite this, early indicators show significant contributions of these institutions to financial inclusion and user interactions with the financial system.
- Fintech Association México President’s View: Felipe Vallejo highlighted that affiliated fintechs serve over 50 million users, 25% of whom had no previous access to financial services. This indicates substantial progress in financial inclusion.
Both public and private sectors emphasized the need for stronger regulatory frameworks to build user confidence, addressing concerns about money security and data protection. The Comisión Nacional Bancaria y de Valores (CNBV) President, Jesús de la Fuente Rodríguez, stressed enhancing supervisory practices and transparency in claim processes, especially for innovative models.
The speakers also agreed on the importance of financial education alongside regulatory advancements to foster trust in the rapidly evolving fintech landscape.
