CNBV Authorizes the First Fintech Companies in 2024

The National Banking and Securities Commission (CNBV) published the official letter for the authorization of an Electronic Payment Fund Institution (IFPE), it is the first Financial Technology Institution of 2024 to obtain the endorsement and whose official letter was published this Tuesday in the Official Gazette of the Federation (DOF).

Read more about the authorization given to companies by the CNBV in Mexico, and find the latest business news of the day with our companion app Born2Invest.

CNBV authorized Pago Confiado to operate as a fintech company in Mexico

This is Pago Confiado, a firm based in Guanajuato that joins a universe that amounts to 76 firms that are already authorized under the terms of the Law to Regulate Financial Technology Institutions, also known as the Fintech Law.

“The members of the Interinstitutional Committee, in accordance with Articles 11 and 35 of the Law to Regulate Financial Technology Institutions, unanimously agreed to grant authorization for the organization and operation of an Electronic Payment Fund Institution to be called Pago Confident”, can be read in the letter.

Pago Confiado is an entity registered in the Public Registry of Commerce since September 2022, its main shareholders include Deirdre García Cienfuegos and the company Fiado, which is part of a conglomerate of the same name that offers financial services to both Mexican migrants in the United States and their families in Mexico.

On the other hand, in the Catalog of the Financial System, the Lendera Collective Financing Institution (IFC) is already listed, although its office has not yet been published in the DOF, its status in the catalog is authorized, that is, it has not yet started activities.

54 institutions are already authorized by the CNBV

Director of business and personal banking at Hey Banco to continue growing and developing products and services, according to information published on its website. If Lendera’s authorization is published in the coming days, the regulated universe would amount to 77 Financial Technology Institutions, with 52 IFPEs and 24 IFCs.

The average time for the process to be regulated, from the request to the publication of the official letter in the DOF, is 796 days.

__

(Featured image by Jonas Leupe via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in EL ECONOMISTA. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us