New authorizations issued for entities to operate under the Fintech Law

On April 28, 2021, the Ministry of Finance and Public Credit published in the Official Federal Gazette the authorization for the organization and operation of Tu Dinero Digital, S.A. de C.V., an electronic payment fund institution, and BXL Fintech, S.A. de C.V., a collective financing institution under the Law to Regulate Financial Technology Institutions (Ley para Regular las Instituciones de Tecnología Financiera) (Fintech Law).

Tu Dinero Digital, which requested to the National Banking and Securities Commission (CNBV) the authorization to be organized and operate 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 capital stock amounting to the amount of $32,500,000.00 MXP.

On the other hand, BXL Fintech, which requested before the CNBV the authorization to organize and operate as a collective financing institution in December 2019, was authorized with a capital stock amounting to the amount of $7,911,330.00 MXP with its domicile in Mexico City.

In both cases, and pursuant to the provisions of the Fintech Law, the authorizations may be revoked if they do not start operations within 6 months.

Finally, both entities must accredit at least 30 days prior to the start of operations the requirements set forth in Article 40 of the Fintech Law, among which are: (i) that they are duly incorporated, for which purpose they must provide the registration data in the Public Registry of Commerce; (ii) that they have the minimum subscribed and paid-in capital that corresponds to them; (iii) that their directors and officers comply with the requirements set forth in the Fintech Law itself and the general provisions issued by the CNBV; and (iv) that they have the technological infrastructure, internal controls to carry out their activities and provide their services, and policies, procedures, manuals and other documents required by the Fintech Law and the provisions derived therefrom.

Should you require further information regarding this issue, please do not hesitate to contact us.

Yours sincerely,

Cannizzo