Mexico: Fintech law moving forward, with support from regulators

A law proposal to regulate financial technology (fintech) institutions in Mexico, known as ‘Ley Fintech’, has received the backing of the country’s main regulatory agencies, which is expected to bolster the bill in its discussion and ratification process. The law is expected to change the structure and performance of the sector and lead to an increase in competition for traditional banking.

According to the Federal Commission for Economic Competition (Cofece), the introduction of new technologies that offer financing alternatives and payment systems could change the structure and performance of the sector by providing new options for consumers and creating greater competitive pressure. The law already has the support of the Federal Commission for Regulatory Improvement (COFEMER).

The Mexican Banks Association stated that “in general terms, the bill to regulate financial technology institutions is positive and could be improved with some adjustments that allow for greater participation of all intermediaries on an equal footing …”

Full Content: El Financiero

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