Two additional entities authorized to operate in Mexico under the Fintech Law

On March 23rd, the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) published in the Official Federal Gazeette (Diario Oficial de la Federación) two authorizations for the organization and operation of Likideo MX, S.A.P.I. de C.V., Institución de Financiamiento Colectivo and Inguz Digital, S.A.P.I. de C.V., Institución de Fondos de Pago Electrónico in terms of the Law to Regulate Financial Technology Institutions (Ley para Regular las Instituciones de Tecnología Financiera) known as Fintech Law.

Likideo, a company that requested authorization from the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) to be organized and operate as such in 2019, is domiciled in Mexico City and the amount of its initial authorized capital is $3’500,000.00 pesos, represented by 3’500,000 ordinary nominative shares, Series “A” Class I, with no par value, representing the minimum fixed capital.

Inguz Digital (originally named Zygoo Digital, S.A.P.I. de C.V.), a company that requested the respective authorization from the CNBV a little over a year ago, with domicile in Mexico City, was authorized to be organized with an initial authorized capital of $5’000,000. 00 pesos represented by 5’000,000 Class “I” nominative common shares with no par value, which are representative of the fixed capital stock with no right of withdrawal.

Among the requirements that both, Likideo and Inguz Digital, must comply with as a result of the authorizations granted, is the obligation of both entities to prove to the CNBV at least thirty business days prior to the beginning of their operations the compliance of the requirements set forth in article 40 of the Law to Regulate the Financial Technology Institutions, among which are to be duly incorporated, providing the registration data in the Public Registry of Commerce, to have the minimum subscribed and paid-in capital and the minimum capital of the company, that its directors and officers comply with the requirements set forth in the law and other general provisions issued by the CNBV for such purpose, and having the technological infrastructure, internal controls necessary to carry out its activities and provide its services, as well as the policies, procedures, manuals and other documentation required by the law and its provisions.

If you would like to know more details about the authorizations that have been granted by the authority in the terms mentioned above or if you have any interest in the operation of the Fintech ecosystem in the country, please do not hesitate to contact us.

Yours sincerely,

Cannizzo, Ortiz y Asociados, S.C.